Kenya Wall Street

Bamburi Cement Investors to Receive KSh1.089 Billion in Dividends

Bamburi Cement investors are set to receive KSh1.089 billion in dividends after the company posted impressive results in 2020. Shareholders on the company’s register at the close of business on 16th May 2021 will on 15th July 2021 receive a final dividend of KSh3.00 per ordinary share held.

The cement producer’s pre-tax profit for the financial year 2020 jumped to KSh1.776 billion, from KSh728 million in 2019, representing a 144% increase.

Bamburi cement credits its cost optimization efforts and cash protection measures implemented in 2020 for the sharp rise in pretax profit. The company’s net finance costs fell by 47% to KSh207 million compared to KSh369 million in 2019.

The cement manufacturer, with operations in Kenya and Uganda was adversely affected by the movement restrictions and lockdown measures instituted in the two countries in 2020. Its revenue declined by 5% to KSh34.9 billion in December 2020 from KSh36.8 billion in December 2019.

Bamburi Cement will hold a virtual Annual General Meeting on 10th June 2021. The company intends to change its name to Bamburi Cement Plc from Bamburi Cement Limited, in line with the provisions of section 53 of the Companies Act 2015.

In addition, the NSE listed company plans to change its Articles of Association to allow the manufacturer to report, deliver, and or pay to the Unclaimed Financial Assets Authority (UFAA) or any other regulator outlined by the law, any unclaimed assets including shares and dividends in the company presumed to be abandoned or unclaimed. After the payment or delivery of such assets to the UFAA, Bamburi shall no longer be accountable for the relevant unclaimed assets.

Also read: Bamburi Half-year Net Earnings Nearly Double to KSh 721 Million

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