Annual Report and Financial Statements 2017
Annual Report and Financial Statements 2017
Report Summary
Bamburi Cement Limited, a subsidiary of the Group, has reported a 5% growth in the East African economies of Kenya, Uganda, and Rwanda, largely due to tourism rebound, supportive monetary policy, and infrastructure investments. However, the Kenyan economy was further impacted by drought and prolonged pre/post-election periods. Interest rates in Kenya and Uganda remained stable, while exchange rates remained stable. The cement market in Kenya experienced an 8% decline due to drought, decreasing private sector credit, and prolonged election periods. Despite the cement over capacity, the Group remained ahead by providing differentiated and innovative solutions, exploring new markets, and improving productivity.