TWIGA CEMENT

“BUILDING THE FUTURE”

ANNUAL REPORT 2021
1 LETTER TO SHAREHOLDER
On behalf of the Board of Directors and the Twiga Cement family. With great pleasure, I
report to you that despite strong competition in the cement manufacturing industry, Twiga
Cement delivered a strong operating result when compared to the previous year. Today’s
strong market position of Twiga Cement is the achievement of the entire Twiga Cement
team, of which I am very proud.
2. COMPANY OVERVIEW
Twiga Cement, It was established in 1966 with the principal activity of manufacturing and
selling of cement. The first bag of cement rolled out at Wazo Hill in mid-1966. But due to
development of events TPC PLC was nationalized in 1978 and later privatized in 1998.
3. FINANCIAL HIGHLIGHTS
Twiga Cement again achieved a record in sales volumes in 2021, despite the competitive
environment. Turnover and sales volume increased by 14% and 7% respectively, operating
profit increase of 20% when compared to the previous year. Twiga Cement recorded an
Operating Profit of TZS 125.6 billion mainly due to better sales volumes, and efficient
production processes leading to strong cost control.
4. MANAGEMENT'S DISCUSSION AND ANALYSIS (MD&A)
The Company has established management reporting procedures which include the
preparation of annual strategic plans and budgets. Actual results are reported monthly against
approved budgets and forecasts and compared to the prior year. Financial reporting is done
according to International Financial Reporting Standards (IFRS) and published twice yearly
in accordance with the requirements of the Dar es Salaam Stock Exchange. The accounts for
each financial year are audited by the Company’s external auditors.
5. CORPORATE GOVERNANCE
 Code of Corporate Practice and Conduct
TPCPLC is committed to the principles of effective corporate governance and the Board is
of the opinion that the Company complies with principles of good Corporate Governance as
required by the Stock Exchange Regulations.
 The Board of Directors
The Board is responsible to shareholders for the overall management of the Company, for
setting strategy and policies, monitoring of operational performance, risk management
processes and setting of authority levels. The Board met 3 times in 2021 (2020: 3 times)
6. AUDITORS' REPORT
In our opinion, the financial statements give a true and fair view of the financial position of
Tanzania Portland Cement Public Limited Company (the Company) as at 31 December 2021,
and of its financial performance and its cash flows for the year then ended in accordance with
International Financial Reporting Standards and the requirements of the Companies Act, No.
12 of 2002.
7. FINANCIAL STATEMENTS
Gross profit 156,324,265, Operating profit 125,581,581, Profit before tax 128,037,188, Profit
for the year 88,481,585, Total comprehensive income for the year, net of tax 87,404,743
8. NOTES TO FINANCIAL STATEMENTS
 CORPORATE INFORMATION
The Company’s shares are publicly traded. The registered office is located at Wazo Hill, Dar
es Salaam. The principal activities of the Company are disclosed in the Report by those
charged with governance. Information on its holding Company is provided in Note 39
 BASIS OF PREPARATION
The financial statements have been prepared on a historical cost basis, except where stated
otherwise. The financial statements are presented in Tanzanian Shillings (TZS) and all values
are rounded to the nearest thousand (TZS ‘000’), except when otherwise indicated. These
financial statements cover the year ended 31 December 2021.
9. CORPORATE SOCIAL RESPONSIBILITY
 Providing practical help in the construction of buildings and infrastructure for the
benefit of society.
 Environment, climate, biodiversity: cooperating with partners in order to preserve
and protect environment by promoting climate protection and biological diversity.
 Education, training and culture: improving children’s chances of succeeding in
education by promoting the physical, cognitive, linguistic, and socio-emotional
development of students.
 Emerging events: contributing to numerous emerging activities if the budget allows,
and if the events are in line with the are
10. ENVIRONMENTAL PROGRAMME AND POLICY
ISO 14001:2004 (Environmental Management System) TPCPLC continues to maintain the
ISO 14001 certification, the Company is now certified ISO 14001:2015 and the renewal audit
for this new certificate was carried out in 2019. The Company continues to strive to improve
its Environmental Management Systems by keeping abreast with environmental trends .