By - Whitehopleman
On 3rd April CemNet Newsroom reports that Tanzania Portland Cement, otherwise known as Twiga Cement, recorded a net profit of TZS35.5bn (US$15.6m) last year, lower than TZS39.8bn (US$17.6m) recorded in 2016. The fall of net profit was a result of increase income tax, decrease in price and sale costs. 2017 was characterised by a very competitive market, with extra capacity and challenging economic environment.
Whitehopleman thinks Twiga Cement have done very well to maintain profitability with Dangote’s entry to the market. Things are only likely to get tougher for Twiga and all Tanzanian cement producers with Sinoma building the first phase of their reported 6 million tonne per year plant in northern Tanzania.