Tanga Cement Board chair Lawrence Masha (second right) addresses shareholders during the 20th Annual General Meeting in Dar es Salaam at the weekend. From left are managing director Reinhardt Swart, company secretary David Lee and board member Stephan Olivier. PHOTO | The CITIZEN CORRESPONDENT
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He said his company spent a total of Sh324 million on community projects in education, health and environmental conservation across the country.
Dar es Salaam. Shareholders of Tanga Cement Company Limited (TCCL) will earn more as they approved a Sh7 billion dividend for the year ending December 2013.
The Dar es Salaam Stock Exchange listed company, which trades as Simba, posted a net profit amounting to Sh32.46 billion during the year.
The dividend translates into Sh110 per share, up from Sh100 paid in 2012, according to TCCL board chairman Lawrence Masha. “We’re proud of our contribution towards the development of Tanzania,” he said during the company’s 20th stakeholders Annual General Meeting at the weekend.
For his part, TCCL managing director Reinhardt Swart said last year, the economy grew by over 7 per cent stimulating further economic development in the country.
“Cement demand in neighbouring countries also remained at relatively high and the group extended its export footprint from Rwanda and Burundi to include Malawi and Democratic Republic of Congo,” he said.
He said his company spent a total of Sh324 million on community projects in education, health and environmental conservation across the country.
Mr Masha said that Tanzania has continued to maintain overall macroeconomic stability, which has been a fundamental factor behind the positive economic growth.
He said the demand for cement products, both locally and from the export markets, remained high.
Mr Masha further noted that despite the increase in low-priced imports and increased competition, their high quality products and sound relationships with customers enable them to thrive.
He also underscored that it’s vital for the government to intervene and stop substandard imports of cement.
The company share closed at Sh2,420 per share on Friday, the same level traded throughout the week.
