30 November 2017
This announcement is made by Bamburi Cement Limited (the “Company”, together with its subsidiaries, the “Group”) pursuant to Regulation G.05(1)(f) and (2) of the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002.
While the final 2017 financial results will be announced in the first quarter of 2018, the Board of Directors (the “Board”) of the Company wishes to inform the shareholders of the Company and potential investors that, based on the preliminary assessment on the unaudited consolidated management accounts, the 2017 full year earnings of the Group are expected to decrease by more than 25% compared with the year ended 31 December 2016.
The expected decrease is mainly attributable to:
- weaker performance of the business in Kenya resulting from contraction of the cement market, partly due to poor private sector credit growth, drought conditions together with the effects of the pre and post election periods;
- lower volumes to the Group’s export markets.
This announcement is based solely on the Company’s preliminary assessment of the Group’s expected financial results for the year 2017.
By Order of the Board
30 NOVEMBER 2017