Athi River Mining. The company has announced a 21 per cent increase in net profit in the six months to June to Sh847.2 million. File
What you need to know:
ARM Cement is set to build Kenya’s biggest plant in Kitui County, setting it up for a fight with Africa’s richest man Aliko Dangote who plans to open a Sh34.8 billion plant in Kenya.
Athi River Mining (ARM) has announced a 21 per cent increase in net profit in the six months to June to Sh847.2 million, compared to Sh702.8 million posted during a similar period last year.
The Nairobi bourse-listed firm has also announced that its revenues for the half year increased 16 per cent to Sh7.56 billion on account of increased cement and fertilizer sales in Kenya and Tanzania.
Kenya’s third largest cement firm shrugged off an increase in energy and input costs to see its operating profit remained steady at 24 per cent due to what it said was “improvements in plant operations.”
“Cement sales increased in Kenya by 10 per cent and in Tanzania by 38 per cent as the Rhino Cement brand continued to increase distribution throughout the country,” said cement maker in its half year filings.
“In Kenya, our Mavuno fertilizer business recorded significant growth following the recommendation for the use of Mavuno in the Soil Suitability Evaluation report by the Ministry of Agriculture.”
Going forward, the company says that the “brisk” growth of the East African economies will see demand for cement and its other products “grow further.”
In the first half of the year, ARM invested a further Sh2.7 billion towards the completion of its 1.8 million tons per year Tanga cement plant.
ARM Cement is set to build Kenya’s biggest plant in Kitui County, setting it up for a fight with Africa’s richest man Aliko Dangote who plans to open a Sh34.8 billion ($400 million) plant in Kenya.
