Cement manufacturer Cimerwa Plc has announced that it will pay out Rwf13.195 billion in interim dividends to shareholders, following a "record-breaking” total revenue of Rwf103 billion in 2023, representing a 12 per cent increase from the previous year.

The firm, whose financial year ends in September, raked in Rwf15.6 billion in profit after tax in the same year.

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Cimerwa Chairman, Devang Raval, said in a statement that the interim dividend – a portion of the company's profits that is distributed to shareholders before the end of the financial year – "will be paid electronically to the shareholders on or around Monday, August 19.”

Just recently, the firm announced that it had acquired Prime Cement Ltd "in an off-market transaction,” sayingthat the move reflected its commitment to ensuring cement sovereignty in Rwanda.

At the time, Cimerwa said it would acquire all operational assets of Prime Cement, while the government would retain ownership of any outstanding liabilities.

Cimerwa is the largest and oldest producer of cement in the country. Until last year, 51 per cent of the company’s shareholding was controlled by South African cement producer Pretoria Portland Cement (PPC),with the rest of the shareholding owned by the government.

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In January this year, Cimerwa definitively sold 99.94 per cent of its shareholding to the tune of $85 million to National Cement Holdings, a cement producer owned by Kenyan billionaire industrialist Narendra Raval.