Despite Covid 19 pandemic, Uganda Clays Limited registered shs4.89 billion in profits during 2020 financial year that ended on 31 December.
Eng Martin Kasekende Uganda Clays Limited Board Chairman announced the development during the company’s Annual General Meeting held on Wednesday at Sheraton Hotel.
During the first phase of Covid, many companies suffered from restrictive government measures put in place by government under the Public Health laws to curb the spread of the virus including ban on public meetings of not more than twenty people and social distancing and recent national lockdown for 42 days.
“I am happy that despite the country wide lockdown, the country continued with production activities but under the anti covid 19 sops. Despite the fact that 2020 was terrible year, the company managed to make a decent profi of 4.89 billion as per our audited financial statement for the year ended 31 December 2020,”Kasekende said.
” I therefore approve and declare final dividend of sh 1.35 per share (1.21 billion) for the financial year ended 31 December 2020 to share holders. This should be paid by 15th July 2021,”Kasekende added.
According to Kasekende this was an incredible jump from a loss position of shs 88 million in 2019. sales revenues for the year were shs 29 billion which was a3% drop compared to sh 30. 7 billion for the previous year 2019 mainly to the negative impact of covid 19 pandemic on the business environment.
According Uganda Clays limited records the company has a record of 660 share holders holding a total of 662,487,297 shares which represents 74%. Of company a total shareholding.
Uganda clays limited Managing Director Reuben Tumwebaze in his comment said thanked staff and board for impressive growth despite covid pandemic challenges.
Uganda Clays MD is impressed
“2020 was by any measures a testing year however i am pleased to report that while the company had to contend with many unexpected difficulties in the year it was also a period of continued strategic progress for Uganda clays Ltd. The covid 19 pandemic whilst presenting challenges for the business and impacting on trading especially in the first half of the year also acted as a catalyst for change, promoting us to take decisive action to protect and upgrade the business. This included reengineering of our cost base, ensuring we are fit for the future and in a strong position t capitalize on continued improvement in our markets, “Tumwebaze said.
He further said while covid 19 restrictions inevitably threatened the company’s performance in the year, it is encouraging to note that underlying market fundamentals remained robust, supported by demand for secure investments like housing.
Uganda clays limited Financial performance
According Tumwebaze, Uganda clays limited total assets grew by 11% closing the year 2020 at sh 68.8 billion from a value of sh 62.2 billion at close of 2019.
Total revenue reduced from sh30. 7 billion in 2019 to shs29. 7 billion in 2020.
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