TANZANIA Portland Cement Company (TPCC) dividend has gone up by 7.4 percent to 290/- a share last year, leaving shareholders with a broad smile.
The amount approved by the shareholders recently has pushed up dividend yield to over 6.0 percent a share. The full-year dividend, approved by the shareholders, is 20/-more in comparison with 270/- a share paid in 2016.
TPCC Managing Director Mr Alfonso Velez said, 2017 was a good year and the company was able to keep up with previous year results despite large over-capacities and stiff competition.
“Production and sales achieved new records, though prices moved further downwards along the first half of the year to reach the lowest levels ever seen. “In addition to this, the cement plant had some minor unexpected repairs in the second half of the year due to severe rains in May,” he said.
He said, TPCC has continued to improve its processes as a consequence the clinker output increased and the production cost was reduced to secure sustainable growth and remain competitive in such a difficult market environment.
“The operating profit increased by 3 per cent compared with the previous year due to the sale of non-operational assets which has neutralized the strong price drop,” he said.
TPCC increased sales volume above 7.0 percent compared to 2016, making a commercial effort to be present in all the territory and ensuring the brand recognition as a premium for all our customers.
Also, TPCC achieved a new sales record despite the fact that the cement market continued to grow around 4.0 per cent which is below GDP (6.8 per cent) and below previous years.
Tanzanian domestic market reached 4.5 million metric tonnes, only 0.2 million metric tonnes above the year before.
About 50 per cent of volume 4.5 million metric tonnes has been capitalized by TPCC to achieve the 7.3 per cent growth compared to the year 2016, which is above market and GDP growth rate.
DailyNews
No comments:
Post a Comment