Cement firms plan massive expansion amid slim profits
These are turbulent times for cement manufacturers in the region as stiff competition from cheap imports continues with slower demand in the housing and construction sector to keep profits stagnant.
On Wednesday, ARM Cement posted a net loss of $28 million for the year ended December 2016. The firm, is ranked East Africa’s second-biggest cement producer and has operations in Tanzania, saw revenue drop to $127.9 million compared with $147.3 million the previous year. The dip was blamed on increased competition and lower cement prices in Tanzania.
