Company Intelligence — Overview

Twiga Cement

A Defensive Cement Leader Holding Margin Through a Cost Cycle
DSE: TPCC · Tanzania Portland Cement PLC · Dar es Salaam Stock Exchange · FY ending 31 Dec
~7,150
Market price · TZS/sh (Jun 26)
52.6 bn
FY25 profit for the year
447.8 bn
FY25 revenue
292
FY25 EPS · TZS
300
Dividend · TZS/sh (proposed)
~24×
Trailing P/E
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A leading Tanzanian cement producer that held revenue broadly flat at TZS 447.8bn and delivered profit of TZS 52.6bn through a year of elevated energy and production costs — a defensive, dividend-paying franchise navigating a soft volume cycle.

The analysis — key observations
  • Resilient through cost pressure. Revenue was essentially flat (−0.2%) at TZS 447.8bn and profit reached TZS 52.6bn despite elevated energy costs — a sign of pricing discipline and cost control.
  • Volume mix shifting. Clinker production rose 3.0% while cement production fell 3.5% — a softer demand backdrop the company is managing rather than chasing.
  • Investing in cost structure. A US$9.04m solar power investment targets the single biggest cost line — energy — with a multi-year payback.
  • Shareholder-friendly. A proposed dividend of TZS 300/share (above EPS of 292) signals a high payout backed by strong cash generation.
The story — FY2025
A defensive, cash-generative leader holding margin through an energy-cost and soft-volume cycle — the question for any observer is how durable pricing is as costs normalise and the solar investment matures.
FY2025 performance
447.8bn
Revenue
−0.2%
52.6bn
Profit for the year
292
EPS · TZS
300
Dividend/sh · TZS
proposed
+3.0%
Clinker production
−3.5%
Cement production
Valuation context — TZS/share (illustrative, educational)
MethodIndicative range
Market price (Jun 26)~7,150
Trailing P/E on FY25 EPS~24×
Dividend yield (on 300 DPS)~4.2%

Illustrative framing for education only — not a price target or recommendation. Trailing P/E uses the ~7,150 market price over FY25 EPS of 292; the dividend yield uses the proposed DPS of 300, which exceeds EPS this year.

Market backdrop — DSE & macro · mid-2026
3,950
DSE All-Share Index
18 Jun 26
34.2 tn
DSE market cap · TZS
~6%
GDP growth
~3.3%
Inflation · stable macro
Energy & input costs

Margins are sensitive to energy prices; the solar investment helps but cost normalisation is the swing factor.

Volume & competition

Cement volumes softened in 2025; a competitive market means pricing power must be defended.

Payout sustainability

A dividend above current EPS is attractive but bears watching if earnings stay flat.