Chilanga Cement PLC, a leading cement producer in Zambia has posted about 180 percent (177%) increase in profit and a 34 percent growth in revenue for the half year of 2024.
Amid a competitive domestic market, Chilanga Cement has demonstrated its strength and resilience by achieving a strong operational and financial performance during the half year of 2024.
Commenting on this development, Jianping Chai, Chief Executive Officer of Chilanga Cement Plc said this remarkable growth is attributed to the dedicated efforts of employees, including strategic cost saving and various marketing initiatives targeting both domestic and export markets.
“I would like to express my gratitude to our shareholders for their unwavering confidence, our customers for their continued loyalty, and all our employees for their exceptional hard work. I also extend my thanks to the Huaxin Group for its invaluable guidance and to all stakeholders for their support. I look forward to achieving outstanding company performance by the end of 2024.”
Chai said the cement industry in Zambia is anticipated to experience growth in the second half of 2024.
“This growth will be fueled by substantial investments in infrastructure projects, such as the Lusaka-Ndola dual carriageway, the anticipated revitalization of the mining sector, and favorable investment conditions. These factors are expected to drive an increased demand for construction materials.”
“Chilanga Cement continued to effectively serve its local and export markets in the midst of a challenging trading environment marked by unstable currency fluctuations, and insufficient electricity supply in the economy.”
“While competition in the Zambian cement industry remained very high, the Company increased its earnings per share to K1.16 (2023: K0.43) representing a 171% increase compared to 2023. This was achieved through the various significant production and operational cost-efficiency initiatives implemented during the year.”
