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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The full 10-section Investment Brief
Full model · valuation · return analysis · recommendation
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.
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.
Valuation context — TZS/share (illustrative, educational)
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
Key risks
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.