Uganda Clays Limited

Uganda Clays Limited
Public Company
USE:UCL
Industry Construction
Founded July 10, 1950 (1950-07-10)
Headquarters Kajjansi, Uganda
Key people
 Martin Kasekende[1]
Chairman
George Inholo
Managing Director and CEO[2]
Services Building materials
Revenue Increase (Aftertax) UGX:1.27 billion (US$334,874) (2018)[3]
Total assets UGX:18.06 billion (US$4.76 million) (2018)[3]
Number of employees
 652 (2014)
Website Homepage

Uganda Clays Limited (UCL), commonly referred to as Uganda Clays, is a building materials manufacturer in Uganda. The company manufactures baked clay building products, using Italian-made heavy clay processing machinery. The clay is excavated using surface mining techniques. The company is listed on the Uganda Securities Exchange (USE), being the first equity to list on the exchange in 2000.[4]

Products

UCL's products include roofing tiles, bricks, interlocking and corner blocks, partitioning blocks, decorative grilles, ventilators, floor tiles, pipes, and cable covers. Of UCL's products, roofing tiles and bricks account for the largest portion of revenues generated from sales contributing 53 percent and 11 percent, respectively.[5] The company sells its products within the East African Community and in the eastern Democratic Republic of the Congo. The civil war in South Sudan forced UCL to close operations in that country in 2014.[6]

Overview

As of June 2018, the total assets of the company were valued at UGX:18.06 billion (US$4.76 million). During the financial year ending 30 June 2017, the company had an after-tax profit of USh2.17 billion (US$571,660).[3]

To reduce operational expenses, the company switched from using heavy fuel oil to coffee husks, as the power source to fire its furnaces, starting in 2015.[7][8]

History

UCL was started on 10 July 1950 by two private investors. In 1969, ownership of the company was turned over to Westomat Construction and Engineering Corporation (WCEC). In 1977, WCEC sold 75 percent of UCL to the National Housing and Construction Company, a parastatal company of the Ugandan government. Shareholding in UCL has changed hands many times. Over the years, the following entities have held partial ownership in the company:[9]

Ownership

As of 31 March 2018, the shareholding in the stock of the company, was as depicted in the table below:[10]

Uganda Clays Limited Stock Ownership
RankName of OwnerPercentage Ownership
1National Social Security Fund (Uganda)32.52
2National Insurance Corporation17.86
3Kenya Power and Lighting Company2.25
4Bank of Uganda Staff Retirement Plan2.09
5Joseph Tukuratiire1.76
6Eliphaz Maari1.38
7Timothy Sabiiti Mutebile1.38
8Central Bank of Kenya Employee Pension Fund1.36
9Uganda Development Bank1.13
10National Social Security Fund Staff Investment Plan1.06
112,672 Other Shareholders37.22
Total100.00

It is expected that in 2018, the debt amounting to USh23.2 billion[11] that is owed to NSSF will be converted to equity, raising NSSF's shareholding from the current 33 percent to 66 percent.[12] In July 2018, the Daily Monitor reported that the company was searching for a strategic investor, to increase the company's capital and facilitate the acquisition of new, modern production technology.[13]

Governance and management

UCL is governed by a nine-person board of directors, chaired by Martin Aliker, an independent non-executive director. The company is divided into five administrative departments under the overall supervision of the managing director, George Inholo.[3]

Facilities

As of 31 December 2014, UCL operated two factories:[3]

References

  1. ↑ Uganda Clays Limited (29 August 2018). "Extract of the Unaudited Financial Statements for the Six Months Ended 30 June 2018" (PDF). Kampala: Uganda Securities Exchange. Retrieved 29 August 2018.
  2. ↑ Otage, Stephen (19 October 2014). "NSSF takes over Shs19 billion Uganda Clays debt". Daily Monitor. Kampala. Retrieved 19 October 2014.
  3. 1 2 3 4 5 Busuulwa, Bernard (10 September 2018). "NSSF Uganda struggling to find a buyer for UCL". The EastAfrican. Nairobi. Retrieved 12 September 2018.
  4. ↑ Businge, Julius (14 February 2014). "Uganda Clays Turnaround". The Independent (Uganda). Archived from the original on 10 March 2014. Retrieved 19 October 2014.
  5. ↑ Uganda Securities Exchange (4 May 2018). "Uganda Securities Exchange: Uganda Clays Limited Company Details". Uganda Securities Exchange. Retrieved 4 May 2018.
  6. ↑ Kabona Esiara (20 August 2016). "Uganda Clays eyes regional markets: first stop in Rwanda". The EastAfrican. Nairobi. Retrieved 12 September 2018.
  7. ↑ Biryabarema, Elias (18 November 2014). "Uganda Clays says biofuels will help cut costs by up to 40 pct in 2015". Reuters. Retrieved 4 May 2018.
  8. ↑ Khisa, Isaac (11 September 2017). "Clays posts Shs2bn profit". The Independent (Uganda). Kampala. Retrieved 4 May 2018.
  9. ↑ Uganda Clays (22 August 2016). "About Uganda Clays Limited". Kajjansi: Uganda Clays Limited. Retrieved 22 August 2016.
  10. ↑ Uganda Clays (31 March 2018). "Uganda Clays Limited: Annual Report for the Period Ending 31 December 2017" (PDF). Kajjansi: Uganda Clays Limited. Retrieved 4 July 2018.
  11. ↑ Sanya, Samuel (12 July 2017). "NSSF abandons interest on Uganda Clays loan". New Vision. Kampala. Retrieved 4 May 2018.
  12. ↑ Kasemiire, Christine. "Uganda Clays continues to recover from years of loss making". Daily Monitor. Kampala. Retrieved 4 May 2018.
  13. ↑ Martin Luther Oketch (4 July 2018). "Uganda Clays searching for investors". Daily Monitor. Kampala. Retrieved 4 July 2018.
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