FY 2022: Cimerwa Plc Full Year Financial Results

Financial Performance
 

Profit Before Tax (PBT) stood at Frw 16.9 bn, an impressive improvement of 212% versus prior year. This was on account of the operating profit improvement driven by sales volumes being 27% higher than prior year supported by price optimization, cost management initiatives resulting in improved margins. Our finance costs also declined in line with the reduced debt facility following voluntary early loan repayment during the year in line with the facility agreement.

The above profitability performance drove our Earnings Per Share (EPS) up to Frw 18.74, an excellent improvement of 220% compared to the prior year EPS of Frw 5.86. Following this strong performance, the Board of Directors recommends a dividend payout of Frw 10.5 bn, representing 80% of Profit After Tax, subject to shareholder approval at the Annual General Meeting.

We closed the year with a healthy cash position of Frw 20 billion, a 40% increase versus last year. Our net debt reduced from Frw 21bn last year to Frw 1bn as at 30th September 2022 hence leaving the Company with a healthy balance sheet.

Dividend:

The payment of a total cash dividend for 2022 of Frw 14.93 (Fourteen Rwandan Francs and ninety three cents) per share will be proposed to the annual general meeting of shareholders on 24th February 2023. Please note that the payment will be subject to a withholding tax. The book close date for CIMERWA Plc shares will be 28th February 2023, meaning that if a decision to pay out any dividend is taken, only shareholders whose names appear in the Register of Shareholders at the close of business on that day will be considered.

By order of the Board

Source: https://cimerwa.rw/report/