Uganda Clays Managing Director, Reuben Tumwebaze has declared that the company has registered an annual loss based on unaudited financial statements for the year ending on December 31st, 2024. No amount was disclosed to ascertain the extent of the loss.
Tumwebaze acting on behalf on the Board of Directors informed shareholders and public that in the first three quarters of 2024, the company faced operational disruptions at its Kajjansi and Kamonkoli plants resulting into a lower-than-projected production output and revenue, ultimately leading to a loss for the year.
“Accordingly, the shareholders and the general public are advised to exercise caution when dealing with the company’s securities,” the statement reads in part.
The company first issued a profit warning for its unaudited financial statements for the half-year January – June 2024 indicating that it had made a loss. Its share price has been trading at a low of UGX 8 on the Uganda Securities Exchange.
During the year 2023, the company reported that its turnover reduced from UGX 36.6 billion to UGX 30.4 billion. This was mainly attributed to increased machinery breakdowns that caused stock outs of major products in the second and third quarter of the year.
Netflix Strikes $82.7 Billion Deal to Take Over Warner Bros., Redefining the Global Entertainment LandscapeThe company also incurred a loss before tax of UGX 4.3 billion from the profit before tax of UGX 2.9 billion in 2022 reflecting the effects of a higher reduction in revenue compared to the direct and indirect costs.
With over 70 years of excellence, the company prides itself as Uganda’s leading manufacturer of high-quality baked clay building materials such as roofing tiles, strong bricks and elegant floor tiles.
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