Uganda Clays Limited predicts losses for 2020 half year period

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 UGX29 per share in 2017 to UGX8.

In March, The Company fired then Managing director George Inholo, long withHead of Production Nelson Kizza and Head of Human Resources and Support Services Peter Kiwanuka over what sources was due to performance issues.

Uganda Clays recorded Shs88 million loss for the 2019 calendar year after posting marginal profits in 2017 and 2018.

The baked clay building products maker now faces competition from other manufacturers of similar products.