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The appointment of Jones Muhumuza as Acting Managing Director of Uganda Clays Limited marks a decisive shift in emphasis at one of Uganda’s oldest industrial companies. Coming at a time of sustained losses, rising finance costs, and heightened board scrutiny, Muhumuza’s elevation signals a clear pivot toward capital conservation, financial discipline, and return-on-investment accountability. Unlike his predecessor, Muhumuza is not a turnaround outsider parachuted in at a moment of crisis. He is a long-serving insider who has been embedded in Uganda Clays’ financial engine for nearly six years, having joined the company in March 2020 as Acting Head of Finance—a…
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The Managing Director of Uganda Clays Limited, Reuben Tumwebaze, has resigned, bringing to a close a nearly five-year tenure (March 2021–January 2026) defined by heavy capital investment, uneven operating results, and a return to sustained losses. Multiple sources indicate that the resignation was not entirely voluntary, but came under mounting pressure from the Board, amid growing concern over the company’s financial trajectory. Tumwebaze’s exit comes against a stark numerical backdrop. During his tenure, Uganda Clays’ total asset base expanded sharply—from UGX 62 billion in 2019 to UGX 78.7 billion by mid-2025—reflecting an aggressive investment and capacity-building programme. However, profitability peaked…
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2022⏤ the 4th year in the 5-year 2019-2023 Corporate Strategic Plan of Uganda Clays Limited (UCL), was by all means a tough year. Not only did Uganda’s oldest and largest clay building products maker’s revenue remain flat⏤ UGX36.6 billion, versus UGX36.7 billion in 2021, but this was UGX8.4 billion or 19% below the UGX45 billion target. Due to an increase in the cost of sales by 12% to UGX 21.9 billion, from UGX 19.4 billion in 2021, profits also fell 2.5 times to UGX2.9 billion, from UGX5.9 billion the previous year. As a result, shareholders had to take home only…
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