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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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The Directors of Uganda Clays Ltd have announced the condensed financial statements for the year ended 31 December 2021 indicating a steep growth of revenue despite Covid-19 challenges. In an extract from the audited financial statements, the company managed to increase profits by 24% to UGX 36.7 billion compared to UCK UGX 29.7 billion in the year 2020, notably due to improved efficiencies in production and a change in the sales mode to the use of agents to reach more customers across the country. The statement signed by Eng Martin Kasekende, Board Chair and Reuben Tumwebaze, Managing Director reveals that…
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Cost management initiatives, resulting in a decrease in production costs saw Uganda Clays Limited register an impressive UGX4.9 Billion in 2020, bouncing back from an UGX88 million loss in 2019. This is contained in the Company financial statement for the year ended 31st December 2020. “The year 2020 was unprecedented because of the impact of the Covid-19 pandemic on most businesses. Despite the tough times, the company’s business continued to show resilience but was not immune to the impact of the Covid-19 pandemic. Our main focus was maintaining production to build inventory and employee safety,” company statement says in part…
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Uganda Clays Limited has appointed Reuben Tumwebaze as the new managing director In a notice, Eng Martin Kasekende, the board chairperson says: “Uganda Clays Limited (the Company) wishes to inform its shareholders and the general Public that the Board of Directors has appointed Mr Reuben B. Tumwebaze as the new Managing Director of the Company with effective from March 2021. “Before joining Uganda Clays Ltd, Mr Tumwebaze was the Director of Road Infrastructure Protection at Uganda National Roads Authority. He has a wealth of experience at management level in a number of manufacturing companies including Hima Cement Limited and Century…
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The National Social Security Fund (NSSF) has won the Gold Award at the 10th edition of the Financial Reporting (FiRe) Awards, beating 84 organisations which submitted their 2019 financial reports for evaluation. The Fund has won their second Gold Award, having previously won Gold in 2018. The FiRe Awards were held on 4 November 2020 at the Skyz Hotel in Kampala and broadcast live via the Zoom platform and Facebook. Organized by the Institute of Certified Public Accountants of Uganda (ICPAU), in partnership with the Capital Markets Authority (CMA), the Uganda Securities Exchange (USE) and the Vision Group, the FiRe…
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Uganda Clays Limited has predicted losses as the company prepares to release unaudited financial results for the half year period. Board Chairman Eng. Martin Kasekende, in a notice says: “Uganda Clays Limited (the Company) wishes to inform its shareholders and the general public that the Company’s unaudited financial statements for the six-month period January – June 2020, which are due to be published soon, are likely to return a loss position.” He adds: “Accordingly, the shareholders are advised to exercise caution when dealing in the Company’s securities.” Uganda Clays Limited share price at the Uganda Securities Exchange has fallen from…
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Trading in the second quarter of 2020 registered a tremendous decline as Uganda’s equity markets continued to feel the impact of the COVID-19 pandemic. “While the ultimate growth outcome is still uncertain, and an even worse scenario is possible if it takes longer to bring the health crisis under control, the pandemic will result in output contractions across the vast financial markets,” reads an excerpt from the periodic report. It further states that, although Uganda is gradually easing the lock down measures instituted to contain the spread of the pandemic, the adverse consequences of the global impact of the pandemic on financial markets could persist through the remaining part…
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Uganda Clays Limited has announced a loss of UGX88 million for the 2019 calendar year, ending a short spell at returning profit. The construction materials maker said today that its gross profit dropped drastically from a UGX1.9 billion profit recorded in 2018. The announcement will come as a disappointment to shareholders who had hoped that after many years of turning in losses, the company had finally turned around the clock with a marginal profit in 2017 and 2018. Uganda Clays attributes the drop to machine breakdown at the Kamonkoli plant in Budaka district, in Eastern Uganda, during the annual maintenance…
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Uganda Clays Limited (UCL) has fired George Inholo over poor performance, CEO East Africa has exclusively learned. Inholo, who joined the company in August 2014, was relieved of his duties alongside the Head of Production and Head of Human Resources and Support Services, effective March 6th 2020. “The trio were sacked over big-time performance issues. Wait until you see the numbers- it is embarrassing,” said sources at the company, familiar with board proceedings. “They failed to do anything to turn around the company; they were just bickering. There were big fights amongst the team” further said the source who requested…
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When George Inholo arrived at Uganda Clays Limited (UCL) at the fold of 2014 – August to be exact, it was literally a company with a feet of clay. A new $15m Kamonkoli plant, on the outskirts of Mbale town (now Budaka District), which was opened in April 2009 amidst fanfare and mega optimism, had become a problem child, threatening to sink the entire company. Although UCL’s turnover in the first year of the Kamonkoli factory’s opening grew 6.6% from UGX16.7 billion in 2009 to UGX17.8 billion and then by 45.5% to UGX25.9 billion in 2011, higher costs of operation…
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