Kenya: Bamburi Cement has posted a 15% drop in pretax profit to US$83.3m in 2012. The figure was hit by lower gains on its foreign currency holdings the Kenyan based Lafarge subsidiary reported to Reuters. Turnover rose by 4% to US$437m, but higher costs drove operating profit down by 14%.
"The group anticipates underlying cement demand to continue growing in the region despite a slow start in Kenya influenced by the election period, supported by improved political stability in the inland Africa export markets," said Bamburi in a statement.
The Kenyan Shilling was stable against the US Dollar during 2012, having weakened sharply in the previous period, thus accounting for the lower gains on foreign exchange holdings by the firm.