[Original] Kenya: Cement Prices Rise Due to Mining Tax Rise

2014-01-17 14:21:38

Cement manufacturers in Kenya are raising their prices in response to the increase in the mining tax imposed by the Ministry of Mines. On 18 December 2013, Najib Balala, Cabinet Secretary of the Ministry of Mines, Kenya, announced that the mining tax levied on the cement industry would be adjusted to Kshs 140/t.

Cement manufacturers in Kenya are raising their prices in response to the increase in the mining tax imposed by the Ministry of Mines.

On 18 December 2013, Najib Balala, Cabinet Secretary of the Ministry of Mines, Kenya, announced that the mining tax levied on the cement industry would be adjusted to Kshs 140/t.

However, most cement manufacturers are dissatisfied with the decision of the Ministry of Mines, and they even think that the tax is "unfair" and "illegal".

It is reported that on October 1, 2013, Kenya's National Cement Company (National Cement) lowered its cement prices, and now, affected by new tax regulations. Kenya's National Cement raised the ex-factory price of its 50 kg bagged cement to KES 625 from KES 600 on October 1, 2013; Bamburi Cement also said it had raised the ex-factory price of its cement; However, ARM said it has not yet adjusted its cement prices, but it is already analyzing its cost structure.

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[Original] Kenya: Cement Prices Rise Due to Mining Tax Rise

Cement manufacturers in Kenya are raising their prices in response to the increase in the mining tax imposed by the Ministry of Mines. On 18 December 2013, Najib Balala, Cabinet Secretary of the Ministry of Mines, Kenya, announced that the mining tax levied on the cement industry would be adjusted to Kshs 140/t.

2014-01-17 14:21:38

CEMPI

91.84

-0.01 -0.01%

CONCPI

86.97

-0.05 -0.06%

CLKPI

96.87

0.00 0.00%

SPPI

41.51

0.00 0.00%

MORPI

73.32

0.00 0.00%

Conch Cement: net profit in the first half of the year was 2.527 billion yuan, down 42.76% from the same period last year.

On the evening of August 26, Conch Cement disclosed its semi-annual report that in the first half of the year, the company realized operating income of 36.927 billion yuan, down 10.88% from the same period last year; the net profit attributable to shareholders of listed companies was 2.527 billion yuan, down 42.76% from the same period last year; the basic earnings per share was 0.48 yuan/share.