PERFORMANCE HIGHLIGHTS:

Revenue performance improved by 11% during the period (2017: UShs 12.8Bn, 2018: UShs 14.4 Bn) The gross margin declined from 49% in 2017 to 40% in 2018. This is majorly att ributed to the increase in cost of producti on that resulted from the acquisiti on of assorted factory spares intended to improve the producti on efficiency at both company factories.

The producti on workforce was also moti vated with an increase in their emoluments. The net profit dropped during the period compared to the prior year. Distributi on costs rose as the distributi on strategy changed in order to enable our key customers and business partners access our products faster.

This shall eventually lead to increase in sales volumes. Most of the other administrati ve costs were inevitable in order for the company to implement some of the 2018 plans to improve the internal business processes. The financial statements were approved for issue by the Board of Directors on 24th August 2018 and signed on their behalf by:

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