Athi River Mining Jumps to Record as Profit Rises: Nairobi Mover
Athi River Mining Ltd. (ARML), Kenya’s second-biggest cement maker by market value, jumped to a record after posting a 17 percent increase in first-quarter profit and saying it planned a one-for-five share split.
Shares in the company rose 3.1 percent to 202 shillings by the close in the capital, Nairobi, the highest level since at least August 1997, according to data compiled by Bloomberg.
Net income increased to 258.2 million shillings ($3.1 million) in the three months through March, from 220.2 million shillings a year earlier, the Nairobi-based company said in a statement e-mailed by the city’s stock exchange today. Revenue jumped 61 percent to 2.74 billion shillings.
The company’s directors have proposed changing its name to ARM Cement Ltd. and agreed a one-for-five share split, according to an e-mail received from the Nairobi Securities Exchange today. The proposals are subject to shareholders’ approval, which will be sought at the company’s annual general meeting on July 24, Athi River said.
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