Uganda Clays Limited has appointed its Head of Finance, Jones Muhumuza, as acting managing director with effect from February 1, 2026.
The appointment follows the exit of Reuben B. Tumwebaze, whose contract expired and was not renewed.
The appointment was announced in a notice to shareholders and the general public, in which the company confirmed that Mr Tumwebaze has been Managing Director since February 2021.
The notice was issued in accordance with Rule 36(2)(h) of the Listing Rules, 2025, and was signed by the Board Chairman, Eng Martin Kasekende.
“The Board of Directors expresses its sincere appreciation to Mr. Tumwebaze for his dedication and contribution to the Company during his tenure and wishes him success in his future endeavors,” the notice reads.
Mr Muhumuza will serve in the acting role until a substantive Managing Director is appointed, according to the Board.
Under his tenure, Uganda Clays reported a net loss of Shs4.95 billion for 2024, compared with a loss of Shs2.85 billion in 2023.
Figures contained in the company’s annual report show that revenue increased modestly from Shs30.4 billion in 2023 to Shs31.6 billion in 2024, reflecting relatively stable demand for clay tiles and bricks.
However, rising costs continued to weigh heavily on performance.
Gross profit slipped to Shs8.2 billion from Shs8.6 billion, as operating and financing expenses climbed.
Despite the losses, the company has indicated that it is banking on a 10-year strategic turnaround plan aimed at stabilising operations and returning the business to profitability.