Slow construction activity deepens Athi River Mining half-year loss
ARM Cement, Kenya’s third-largest player, on Friday reported half-year loss through June deepened more than four-fold on reduced sales, reflecting the impact of reduced construction activity on the industry.
The publicly-traded company, which has been in the red since 2015, said net loss shot up 428.53% to Sh1.41 billion from Sh266.78 million in June 2016.
Revenue in the period plunged Sh1.32 billion, or 19.79 %, to Sh5.35 billion, the company said in a statement.
Kenya’s largest cement maker, Bamburi Cement, last week reported a 36.21% drop in net profit to Sh1.85 billion after turnover dipped 8.21% to Sh17.54 billion.