Kenya: ARM Cement has posted an after tax loss of US$4.62m for the first nine months of 2015 compared to a US$10.8m profit at the same period of 2014. The company said that the losses were largely attributable to the depreciation in regional currencies against the US Dollar.
ARM Cement's revenue for the first nine months of 2015 rose by 7% year-on-year to US$115m thanks to increased cement sales in Kenya and in Tanzania. While domestic cement demand grew by more than 10% during the period, "the sharp depreciation of both the Kenyan and Tanzanian currencies in the nine months has resulted in an unrealised exchange loss," said ARM Cement in a statement. "The fundamentals for continued economic and construction sector growth remain strong despite the recent currency depreciation and increase in interest rates."