Bamburi Cement has issued a profit warning saying it expects a drop of more than 25 per cent in net earnings due to a decline in demand for cement and high energy costs that have increased its operational costs.
“The board wishes to inform shareholders of the company, potential investors and the general public that based on the forecasted 2022 financial performance of the company currently at the Board’s disposal, the projected net earnings for the financial year 2022 will be lower than the net earnings reported in the financial year 2021 by at least 25 per cent,” the company said in a statement.
The Capital Markets Authority requires listed companies to alert investors should they expect their full-year net profit to decline by at least 25 per cent.
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