Bamburi Shareholders approved payment of a first and final dividend of KSh 3.58 per share during its 71st Annual General Meeting(AGM), held virtually on 16th June 2022. This is equivalent to a total payment of KSh 1.3 billion compared to KSh 1.1billion in 2020.
The payment for the financial year ended 31st December 2021 is to be paid net of withholding tax on 26th July 2022 to shareholders on the register of members at the close of business on 26th May 2022.
Bamburi shareholders also unanimously approved and adopted the Report of the Directors and the audited Financial Statements 2021.
The meeting also re-elected Dr John Simba, Alice Owuor and John Stull to sit on the Bamburi Cement Plc Board of Directors.
Alice Owuor, Mbuvi Ngunze, Rita Kavashe and Austin A.O. Ouko were also elected to continue to serve as Members of the firm’s Board Audit & Risk Committee.
Ernst & Young was appointed as the company’s new auditors in place of Deloitte and Touche, whose term expired at the end of the shareholders’ meeting under Sections 721 and 724 of the Companies Act 2015.
Bamburi Cement Plc financial performance in 2021
Bamburi Cement Plc’s pre-tax profit for 2021 grew to KSh 2.2billion compared to KSh 1.8 billion in 2020, primarily driven by the growth in operating profit.
The cash flow generated from operations at KSh 4.4billion was lower than KSh 6.9billion in 2020.
The 2021 position reflects additional investment in working capital of KSh 2.4billion on account of a higher level of business operations in the current year.
In its 2022 outlook, the cement manufacturer said it anticipates strong growth in cement demand, especially in Kenya, as the state drives forward its big four economic agenda and big-ticket infrastructure projects.
In Uganda, Bamburi expects significant investment in public infrastructure, especially in the oil industry, to fuel the demand for cement.
However, the firm warns that the August polls in Kenya and the Russian-Ukraine conflict could change the positive prospects.