Uganda Clays Limited (UCL), a leading manufacturer of clay building materials has announced that they have posted impressive results for the year 2021.
The company said that they had hit a net profit of Shs 5.92 billion in full year results.
This was revealed by the UCL Board Director, Marion Muyobo during the company’s financial year results presentation at their Kajjansi factory in Kampala.
According ti Muyobo, the impressive results could be attributed to UCL’s commitment in implementing a robust strategy in the current economic environment.
The UCL managing director Reuben B Tumwebaze re-echoed that the company’s strong performance, “despite the year being marked by unpredictable market conditions, the company has delivered better results than 2020.”
“We have improved and continue to improve our safety record, increased our distribution channels within the country and made excellent progress with our major projects,” the managing director said.
The total revenue increased by 24% to Shs 36.7 billion for the period compared to Shs 29.7 billion in the year 2020, notably due to improved efficiencies in production and an increase in sales volume.
Gross profit increased by 27 percent to Shs 17.2 billion from Shs 13.6 billion in 2020.
Operating costs increased by 28 percent to Shs 12.1 billion from Shs 9.4 billion driven by increased funding of company operating expenditure initiatives for the period.
Total assets increased by 18 percent to Shs 74.5 billion, mainly attributable to purchase of clay deposits and deliberate investment in their two plants at Kajjansi and Kamonkoli.