Athi River profit grows 17% in Q1

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Kenya: Athi River Mining has posted a 17% rise in first quarter pretax profit to US$4.7m, helped by higher production and growing demand for cement for infrastructure projects.

Kenya's second-largest cement firm, the turnover of which jumped by 61% to US$32m for the quarter ending 31 March 2012, said it would recommend a share split of five for every one ordinary share and a name change to 'ARM Cement Limited' at an annual general meeting scheduled for 24 July 2012. The company also said in March 2012 that it planned to raise US$50m, equivalent to 13.6% of its total equity, through a six-year convertible loan from Africa Finance Corp to finance expansion of its clinker and cement plants later in 2012.

URL: https://globalcement.com/news/item/935-athi-river-profit-grows-17-in-q1

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