TANGA CEMENT OFFERS TZS 7 BILLION DIVIDEND TO ITS SHAREHOLDERS

Tanga Cement Company Limited (TCCL) Board Chairman, Mr. Lawrence Masha (second right) addressing some TCCL shareholders during the company's 20th Annual General Meeting in dar es Salaam over the weekend. In the picture from left are, TCCL Managing Director, Mr. Reinhardt Swart, Company Secretary, Mr. David Lee and a Director, Dr. Stephan Olivier.

Tanga Cement Company Limited (TCCL) shareholders had a reason to smile over the weekend, after the firm announced a net profit of TZS 32.456 billion from its operations in 2013 and a dividend of TZS 7 billion.

Speaking to shareholders during the company’s 20th Stakeholders Annual General Meeting in Dar es Salaam at the weekend, TCCL Board Chairperson, Lawrence Masha said that during 2013 the company celebrated some significant milestones and successes in executing its strategy and living up to its brand promise of being the pride of the nation.

“The board has recommended a final dividend of TZS 60 per share (2012; TZS 55) amounting to a total dividend of TZS 3.8 billion, this brings the accumulated dividend for the year to TZS 110 per share (2012; TZS 100), a total of TZS 7 billion for the full year,” he said.

“We are proud of our contribution towards the development of Tanzania and more importantly, to the lives of the many people we are able to touch and enhance through our business activities,” he said.

He said that Tanzania has continued to maintain overall macroeconomic stability, which has been a fundamental factor behind the positive economic growth. “Demand for cement products, both locally and from the export markets, remains high,” he said.

Mr. Masha further noted that despite the increase in low priced imports and changes in the competitive landscape, their high quality products and sound relationships with customers enable them to thrive in the fiercely competitive environment.

He also underscored that it’s vital for the government to intervene and stop substandard imports of cement into the local market while encourage contractors of infrastructure projects to use locally produced cement.

On his part, the Managing Director of TCCL, Reinhardt Swart said that last year, the Tanzanian economy grew by over 7% stimulating further economic development within the country. As a reputable company trading under its brand name Simba cement, Tanga cement was well positioned to make the most of opportunities in the market.

“Cement demand in neighboring countries also remained at relatively high levels and the group extended its export footprint from Rwanda and Burundi to include Malawi and Democratic Republic of Congo,” he said.

He pledged that his company will continue to assist communities focusing on issues of health, education, community development and the environment. Last year the company spent a total of TZS 324 million on various community projects across the country.