Uganda Clay Limited (UCL) has reported a 3% growth in revenues for the last six months to June due to improved production efficiencies and continued cost management measures put in place.
The listed clay products manufacturer at the Uganda Securities Exchange (USE) trades in clay building materials categorized into roofing tiles, bricks, maxpans, quarry floor tiles among others.
Revenues from sales of the products over the last six months to June grew by 3% to sh18b compared to the corresponding period in 2021. Costs linked to the sales remained relatively flat according to UCL’s financials.
UCL’s gross profit for the period under review rose 7% to sh7b reflecting continued cost management in the production of the materials. However, operating profit dropped 41%.
Overhead costs were 23% higher at 6.6b driven by increased funding to support capacity building investments.
UCL’s balance sheet expanded by 8% to sh77b in part due to the sh10b cash investments in property, plant, and equipment.