Bamburi Cement Plc recorded a net loss of KSh399 million for the year ended December 31, 2023 compared to a net loss of KSh181 million it posted in 2022.
However it raised its dividend payout to shareholders 7.3 times translating to KSh1.99 billion as a result of increased financial muscle.
Bamburi CEO Mohit Kapoor said that increased dividends payout was occasioned by improved revenue from operation amounting to KSh2.89 billion from a negative cash position of KSh340 million.
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Also, the firm is expected to pay shareholders another dividend in the coming months from the gains of selling the subsidiary it had in Uganda.
Kapoor said, “This is the highest dividend shareholders will be getting and it is thanks to improved cash position
“This distribution has no relationship with Hima deal. This is purely based on fantastic performance on cash from operations in Kenya. We have enough money for our working capital and capital expenditure requirement for this year and we are expecting to general more.”
Bamburi Cement Group, in 2023, sold off its Uganda-based subsidiary, Hima Cement.
By our reporter
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