Uganda Clays gross profit rose 7.07% to Ugx7.89 billion for the first six months ended June 2022 as production cost controls improved.
Profit growth came as revenues climbed 2.95% to Ugx18.03 billion due to improved production efficiencies and initiatives to expand growth in the domestic market. Other operating incomes however dropped 50.40% to Ugx562 million.
At the same time, operating profit dropped 41.80% and net incomes were down 54% to Ugx1.26 billion. Costs directly related to sales remained flat with a marginal 0.04% decline to Ugx10.14 billion.
Overhead costs were 23.12% higher at Ugx6.65 billion driven by increased funding to support capacity building investments. During the reporting period, total assets grew 8.74% to Ugx77.11 billion in-part due to the Ugx10.06 billion cash investments in property, plant and equipment.
Shareholder’s equity improved 8.31% to Ugx41.92 billion and total Liabilities were up 8.74% to Ugx35.19 billion.