国泰海通｜建材：水泥出海国别研究之乌干达——海外水泥国别研究系列

Core Insights - Uganda's economy is developing well with a stable social environment, rapid population growth, and increasing urbanization, making it a key player in the African cement market [2] - Cement production in Uganda has seen significant growth, increasing from 370,000 tons in 2000 to 5.1 million tons in 2023, driven by rising demand due to urbanization and economic development [2] - The supply landscape is characterized by only three clinker production lines, with major players like West Cement and Tororo holding a combined market share of 56% [2] Economic Overview - Uganda's economic vision is ambitious, with a strong currency against the US dollar and high foreign exchange liquidity [2] - The rapid urbanization and population growth are key factors driving the demand for cement in the country [2] Supply and Demand Dynamics - The cement market is dominated by six major companies, with West Cement and Tororo leading in production capacity [2] - The lack of clinker production capacity among three of the companies contributes to a competitive yet constrained supply environment [2] Pricing and Profitability - Despite high cement prices (approximately $160 per ton), profitability is challenged due to high costs associated with clinker, raw materials, and transportation [3] - For instance, Bamburi Uganda reported a cost of $144 per ton in 2022, resulting in a low gross margin of only 10% [3]