Uganda Clays Limited (UCL) the leading manufacturer of quality baked clay building products has announced Shs 2.75 billion profits in half year 2021 results.
The Shs 2.75 Billion profits is attributed to improved efficiencies in production and an increase in sales volume of 34 percent to Shs 17.5 billion for the period compared to Shs 13 billion in the year 2020.
UCL Managing Director, Reuben Tumwebaze said: “Despite a challenging first half of the year, mainly from the COVID-19 pandemic that has affected the economy and many businesses, Uganda Clays Limited (UCL) demonstrated resilience, producing positive results as highlighted by the first 6 months performance. We have also made significant strides towards a commitment to implementing a robust strategy in the current economic environment.”
During this period, UCL gross profit increased by 190 percent to Shs 7.4 billion from Shs 2.5 billion in 2020, majorly driven by efficiencies and continued cost management measures put in place resulting in controlled production costs.
According to the report, profit after tax for the period increased by 292 percent to Shs 2.8 billion from a loss position of Shs 1.4 billion in 2020 and the Overhead costs increased by 12 percent to Shs 5.4 billion from Shs 4.8 billion driven by increased funding of company operating expenditure initiatives for the period.
The report further shows that the Total Assets increased by 13 percent to Shs 70.9 Billion, mainly attributable to deliberate investment in our two plants at Kajjansi and Kamonkoli.
