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CIMERWA

CMR · Rwanda Stock Exchange · Incorporated in Rwanda · Company statements

On this page
Company details
Legal name
CIMERWA Plc
Incorporated in
Rwanda
Listing
CMR on the Rwanda Stock Exchange, active (observed 2026-10-06)
Sector
Building materials (our classification from the stated principal activity)
Activity
Manufacture and sale of cement and related products in Rwanda.
Financial year ends
30 September

Overview

Year ended 30 September 2025 · annual report, signed / final · source

Read with these figures

  • Going-concern uncertainty stated by the directors. The directors' note 25 (p99) states that the net current liability position (current liabilities exceed current assets 'by Frw 8.04', about Frw 8.04 billion) 'indicates that material uncertainty exists which may cast significant doubt on the company's ability to continue as a going concern'.
Full wording and sources

  • Going-concern uncertainty stated by the directors

    The directors' note 25 (p99) states that the net current liability position (current liabilities exceed current assets 'by Frw 8.04', about Frw 8.04 billion) 'indicates that material uncertainty exists which may cast significant doubt on the company's ability to continue as a going concern'. The auditor's report (pp45-49) has no material-uncertainty section and its opinion is unmodified.

    Source: CIMERWA Annual Report 2024 - 2025 (dated 2025-12-19)

  • Revenue

    RWF 156 billion

    155,906,984 RWF thousands · p50

    +32.8% vs 2024

  • Operating profit / (loss)

    RWF 25.5 billion

    25,525,658 RWF thousands · p50

    −4.6% vs 2024

  • Profit / (loss) for the year

    RWF 6.05 billion

    6,047,147 RWF thousands · p50

    −67.3% vs 2024

  • Total assets

    RWF 225 billion

    225,270,405 RWF thousands · p51

    +30.6% vs 2024

  • Equity attributable to owners

    RWF 76.9 billion

    76,857,019 RWF thousands · p51

    −9.9% vs 2024

    The company's only equity total, printed without a label under the heading 'Equity attributable to owners'; it has no non-controlling interests.

  • Cash from operations

    RWF 42.0 billion

    42,049,540 RWF thousands · p53

    +31.7% vs 2024

Large amounts are rounded for reading (RWF million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in RWF thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY to 30 Sep 2025 — annual report, signed / final; reported for the year · source
  • FY to 30 Sep 2024 — annual report, signed / final; comparative in the FY to 30 Sep 2025 filing · source
  • FY to 30 Sep 2023 — annual report, signed / final; reported for the year · source

Income statement

Income statement, RWF thousands. Columns: FY to 30 Sep 2025 — annual report (signed / final), as reported for the year; FY to 30 Sep 2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY to 30 Sep 2023 — annual report (signed / final), as reported for the year.
Line (as printed) FY to 30 Sep 2025Annual reportreported for the yearFY to 30 Sep 2024Annual reportcomparative in FY to 30 Sep 2025 filingFY to 30 Sep 2023Annual reportreported for the year
Revenue 155,906,984 117,363,252 103,068,104
Cost of sales (124,243,453) (79,556,516) (72,551,764)
GROSS PROFIT1 31,663,531 37,806,736 30,516,340
Other income 2,076,659 957,168 256,225
Administrative expenses (7,950,923) (12,114,354) (9,726,094)
Impairment losses/(credit) on financial assets2 (263,609) 108,333 (166,616)
OPERATING PROFIT3 25,525,658 26,757,883 20,879,855
Net foreign exchange losses (5,227,056) (1,048,975) 1,611,989
Net finance costs4 (5,476,870) (2,163,835) (2,391,678)
PROFIT BEFORE TAX5 14,821,732 23,545,073 20,100,166
Income tax expense (8,774,585) (5,032,750) (4,484,566)
PROFIT FOR THE YEAR6 6,047,147 18,512,323 15,615,600
Notes and alternative reported figures (6)
  1. Printed under different labels across filings: “GROSS PROFIT”; “Gross profit”.
  2. Printed under different labels across filings: “Impairment losses on financial assets”; “Impairment losses/(credit) on financial assets”.
  3. Printed under different labels across filings: “OPERATING PROFIT”; “Operating profit”.
  4. “Net finance costs” is an issuer-specific line, not mapped to a shared definition: Note 8(b).
  5. Printed under different labels across filings: “PROFIT BEFORE TAX”; “Profit before tax”.
  6. Printed under different labels across filings: “PROFIT FOR THE YEAR”; “Profit for the year”.

Balance sheet

Balance sheet, RWF thousands. Columns: FY to 30 Sep 2025 — annual report (signed / final), as reported for the year; FY to 30 Sep 2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY to 30 Sep 2023 — annual report (signed / final), as reported for the year.
Line (as printed) FY to 30 Sep 2025Annual reportreported for the yearFY to 30 Sep 2024Annual reportcomparative in FY to 30 Sep 2025 filingFY to 30 Sep 2023Annual reportreported for the year
Property, plant and equipment 176,424,102 116,918,976 70,964,707
Intangible assets 1,065,168 1,198,781 883,558
Environmental guarantee1 8,710 8,710 8,710
Non-current assets (unlabelled subtotal) 177,497,980 118,126,467 71,917,048
Inventories 19,961,855 15,780,014 14,302,732
Current income tax receivable 298,698 3,330,631 129,087
Trade and other receivables 11,015,010 27,112,171 8,302,849
Restricted cash23 13,260 2,000 151,150
Cash and bank balances4 16,483,602 8,093,381 17,597,912
Current assets (unlabelled subtotal) 47,772,425 54,318,197 40,483,730
Total assets 225,270,405 172,444,664 112,400,778
Share capital 35,160,976 35,160,976 35,160,976
Share premium 22,251,408 22,251,408 22,251,408
Retained earnings 19,444,635 27,897,487 22,577,562
Equity attributable to owners (unlabelled subtotal) 76,857,019 85,309,871 79,989,946
Deferred tax liabilities 19,572,896 10,798,311 5,914,822
Loans from financial institutions5 2,955,909 3,876,572 Not reported in this filing6
Loans from Holding Company7 38,110,665 45,086,337 Not reported in this filing6
Amount due to project contractor8 31,584,278 –9 Not reported in this filing10
Rehabilitation and decommissioning1112 381,331 230,346 209,052
Non-current liabilities (unlabelled subtotal) 92,605,079 59,991,566 6,156,926
Trade and other payables 36,195,665 15,117,973 10,946,369
Loans from financial institutions5 920,663 833,116 Not reported in this filing6
Loans from Holding Company13 11,200,962 8,751,891 Not reported in this filing6
Amounts due to related parties14 7,491,017 2,440,247 225,136
Current liabilities (unlabelled subtotal) 55,808,307 27,143,227 26,253,906
Total equity and liabilities 225,270,405 172,444,664 112,400,778
Right of use asset Not reported in this filing15 Not reported in this filing15 60,073
Loans and borrowings16 Not reported in this filing17 Not reported in this filing17 –9
Lease liabilities Not reported in this filing18 Not reported in this filing18 33,052
Loans and borrowings19 Not reported in this filing17 Not reported in this filing17 10,697,542
Current income tax payable Not reported in this filing20 Not reported in this filing20 4,357,909
Current lease liabilities Not reported in this filing18 Not reported in this filing18 26,950
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
Notes and alternative reported figures (19)
  1. “Environmental guarantee” is an issuer-specific line, not mapped to a shared definition: Note 20(b).
  2. “Restricted cash” is an issuer-specific line, not mapped to a shared definition: Note 20(c).
  3. Printed under different labels across filings: “Restricted Cash”; “Restricted cash”.
  4. Printed under different labels across filings: “Cash and bank balances”; “Cash and cash balances”.
  5. “Loans from financial institutions” is an issuer-specific line, not mapped to a shared definition: Note 18(a).
  6. Not reported in this filing: The 2023 statement of financial position (p53) prints 'Loans and borrowings' without the later split.
  7. “Loans from Holding Company” is an issuer-specific line, not mapped to a shared definition: Note 18(a): National Cement Holding Ltd.
  8. “Amount due to project contractor” is an issuer-specific line, not mapped to a shared definition: Note 17(b).
  9. Not reported in this filing: The 2023 statement of financial position (p53) prints no project-contractor line.
  10. “Rehabilitation and decommissioning” is an issuer-specific line, not mapped to a shared definition: Note 20(a).
  11. Printed under different labels across filings: “Rehabilitation and decommissioning”; “Rehabilitation and decommissioning provisions”.
  12. “Loans from Holding Company” is an issuer-specific line, not mapped to a shared definition: Note 18(a).
  13. “Amounts due to related parties” is an issuer-specific line, not mapped to a shared definition: Note 19(e).
  14. Not reported in this filing: The 2025 statement of financial position (p51) prints no right-of-use line (nil after 2024).
  15. “Loans and borrowings” is an issuer-specific line, not mapped to a shared definition: Note 18(a).
  16. Not reported in this filing: The 2025 statement of financial position (p51) splits loans by lender; the 2023 'Loans and borrowings' line is not printed.
  17. Not reported in this filing: The 2025 statement of financial position (p51) prints no lease liability line.
  18. “Loans and borrowings” is an issuer-specific line, not mapped to a shared definition: Note 18.
  19. Not reported in this filing: The 2025 statement of financial position (p51) prints no current tax payable line.

Cash flow

Cash flow, RWF thousands. Columns: FY to 30 Sep 2025 — annual report (signed / final), as reported for the year; FY to 30 Sep 2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY to 30 Sep 2023 — annual report (signed / final), as reported for the year.
Line (as printed) FY to 30 Sep 2025Annual reportreported for the yearFY to 30 Sep 2024Annual reportcomparative in FY to 30 Sep 2025 filingFY to 30 Sep 2023Annual reportreported for the year
Cash generated from operations 42,079,750 39,375,528 26,342,140
Interest received 136,943 260,561 116,231
Income tax paid (167,153) (7,709,715) (733,813)
Net cash inflow from operating activities 42,049,540 31,926,374 23,516,490
Purchase of property, plant, and equipment1 (71,029,772) (55,253,903) (4,355,003)
Purchase of intangible assets (22,000) (487,011) (445,692)
Proceeds from disposal of property, plant & equipment 409,927 426,551 Not reported in this filing2
Amount due to project contractor3 31,584,277 –4 Not reported in this filing5
Prepayments6 19,564,769 (17,918,902) Not reported in this filing7
Net cash used in investing activities (19,492,799) (73,233,265) (4,800,695)
Repayments of borrowings (10,012,007) (11,130,832) (10,653,607)
Dividends paid8 –9 (13,192,395) (10,500,000)
Principal element of lease payments –9 (16,827) (23,391)
Interest paid on borrowings (4,550,649) (1,979,882) (2,201,498)
Interest paid on leases10 –9 (5,679) (6,570)
Proceeds from borrowings –9 57,563,960 Not reported in this filing11
Net cash used in financing activities (14,562,656) 31,238,345 (21,176,998)
Net decrease in cash and cash equivalents12 7,994,085 (10,068,546) (2,461,203)
Effect of movements in exchange rates on cash held 396,136 564,015 Not reported in this filing13
Cash and cash equivalents at beginning of year 8,093,381 17,597,912 20,059,115
Cash and cash equivalents at end of year 16,483,602 8,093,381 17,597,912
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (11)
  1. Printed under different labels across filings: “Purchase of property, plant and equipment”; “Purchase of property, plant, and equipment”.
  2. Not reported in this filing: The 2023 cash-flow statement (p55) prints no disposal-proceeds line.
  3. “Amount due to project contractor” is an issuer-specific line, not mapped to a shared definition: Printed within investing activities.
  4. Not reported in this filing: The 2023 cash-flow statement (p55) prints no project-contractor line.
  5. “Prepayments” is an issuer-specific line, not mapped to a shared definition: Note 13; printed within investing activities.
  6. Not reported in this filing: The 2023 cash-flow statement (p55) prints no prepayments line in investing activities.
  7. Printed under different labels across filings: “Dividends Paid”; “Dividends paid”.
  8. Printed under different labels across filings: “Interest element of lease payments”; “Interest paid on leases”.
  9. Not reported in this filing: The 2023 cash-flow statement (p55) prints no proceeds-from-borrowings line.
  10. Printed under different labels across filings: “Net (decrease)/ increase in cash and cash equivalents”; “Net decrease in cash and cash equivalents”.
  11. Not reported in this filing: The 2023 cash-flow statement (p55) prints no exchange-rate line.

Per share and shares

Per share and shares. Columns: FY to 30 Sep 2025 — annual report (signed / final), as reported for the year; FY to 30 Sep 2024 — annual report (signed / final), comparative reported in the annual report for 2025; FY to 30 Sep 2023 — annual report (signed / final), as reported for the year.
Line (as printed) FY to 30 Sep 2025Annual reportreported for the yearFY to 30 Sep 2024Annual reportcomparative in FY to 30 Sep 2025 filingFY to 30 Sep 2023Annual reportreported for the year
Earnings / (loss) per share (per share)1 8.60 26.32 22.21
Weighted average shares (shares)2 703,220 thousand 703,220 thousand 703,220 thousand
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic earnings per share”.
  2. Weighted average shares: printed as “Weighted average number of shares – '000”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
30 Sep 2025 Dividend recommended, subject to shareholder approval recommend payment of a dividend for the year ended 30 September 2025 of Frw 14.5 billion (2024: Frw 13.2 billion) no amount Annual report, p42
30 Sep 2025 Dividends paid (cash flow statement) Dividends paid 0printed “–”, read as nil RWF thousands Annual report, p53
30 Sep 2024 Dividends paid (cash flow statement) Dividends paid (13,192,395) RWF thousands Annual report, p53
30 Sep 2023 Dividends paid (cash flow statement) Dividends Paid (10,500,000) RWF thousands Annual report, p55

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • CIMERWA Annual Report 2024 - 2025

    Year ended 30 September 2025 · Annual report · signed / final

    Audit: KPMG Rwanda Limited, unmodified opinion · signed

    Auditor's sign-off: KPMG Rwanda Limited; engagement partner CPA Wilson Kaindi (PC/CPA/0642/0123)

    Final status: Auditor's report signed for KPMG Rwanda Limited (engagement partner CPA Wilson Kaindi), dated 19th December 2025 and stamped '19 DEC 2025' (p49, page image); statements approved by the board on 14th November, 2025 and signed by two directors (p51, page image). Corrected 2026-10-07 from the page images: the batch record had read the signatures as blank from the text layer.

    Document date
    19 Dec 2025
    Auditor's report
    19 Dec 2025
    Board approval
    14 Nov 2025
    Retrieved by us
    7 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 30 Sep 2025, FY to 30 Sep 2024
    Basis
    company statements · RWF thousands (printed “Frw'000”)
    • 2024 earnings per share (statement of profit or loss, p50; profit 18,512,323 thousand, shares 703,220 thousand, note 15): Printed EPS is 26.32; dividing the displayed profit by the displayed share count gives approximately 26.3251, which rounds to 26.33. The reason for the difference is not established. Note 15 (p76) heads its columns '2024' and '2023' for 2025 and 2024, prints no profit figure and gives 2024 diluted EPS 26.23. The face figure 26.32 is shown as printed; the EPS check fails by 0.0051.
    • Both cash-flow columns are headed '2025' (p53); the second column is the 2024 comparative (it matches the 2024 figures elsewhere).
    • Dividends: the 2025 cash-flow statement prints dividends paid '-' (p53) while the statement of changes in equity prints 'Dividends declared/Paid (14,500,00)' (p52, a malformed amount); 2024 dividends paid are (13,192,395) in the cash flow and (13,192,398) in the statement of changes in equity.
    Technical details
    File
    126 pages, with a text layer
    SHA-256
    e6da98e7ecdcd09c257faa1f9a71953e6f992ea8a6237f27d089ab27737c6b8b
    Entity as printed
    CIMERWA Plc
    Issuer copy
    retrieved 2026-10-07T00:29:09Z · curl

  • CIMERWA Annual Report 2023

    Year ended 30 September 2023 · Annual report · signed / final

    Audit: KPMG Rwanda Limited, unmodified opinion · signed

    Auditor's sign-off: KPMG Rwanda Limited; engagement partner CPA Wilson Kaindi (PC/CPA/0642/0123)

    Final status: Auditor's report signed for KPMG Rwanda Limited (engagement partner CPA Wilson Kaindi) and dated 23rd December 2023 (p51, page image); statements approved by the board on 21st December 2023 and signed by two directors (p53, page image).

    Document date
    23 Dec 2023
    Auditor's report
    23 Dec 2023
    Board approval
    21 Dec 2023
    Retrieved by us
    7 Oct 2026 (not a publication date)
    Used for
    statement columns FY to 30 Sep 2023
    Basis
    company statements · RWF thousands (printed “Frw'000”)
    • The FY2024 report re-presents FY2023 (e.g. cost of sales (70,251,462) against (72,551,764) here, administrative expenses (12,026,396) against (9,726,094), cash generated from operations 25,725,282 against 26,342,140); its auditor's report is undated and unsigned in the issuer's copy ('Date……….2024', p44), so this signed-off FY2023 report is used for the FY2023 column.
    Technical details
    File
    100 pages, with a text layer
    SHA-256
    c4f4e60d26117f7423bdb1a97dfe06a6ffe16564aaa31e982f86a7f3393d98ae
    Entity as printed
    CIMERWA Plc
    Note
    The FY2024 report on the issuer's site is 'CIMERWA-Annual-Report-24-25.pdf' (SHA-256 a7ebbfbdab7e…, cover 'Annual financial report 2024 - 2025', statements for the year ended 30 September 2024); not used.
    Issuer copy
    retrieved 2026-10-07T00:29:26Z · curl

Data notes

  • Basic earnings per share — 2024 earnings per share: Printed EPS is 26.32; dividing the displayed profit by the displayed share count gives approximately 26.3251, which rounds to 26.33. The reason for the difference is not established. (CIMERWA Annual Report 2024 - 2025, p50)

Review status: every figure has been checked against its cited source page in an AI-assisted source verification (7 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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