CNN’s Connecting Africa explores transport infrastructure across the continent

Esan Bolaji
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CNN’s Connecting Africa explores transport infrastructure across the continent

February 2020 – In the latest episode of Connecting Africa, CNN International’s Eleni Giokos explores how data and technology are transforming transport infrastructure across the continent.

First up, Giokos visits the Kenya Standard Gauge Railway (S-G-R) to see how it is benefitting the import and export industry. Since it was launched in 2017, the S-G-R has moved more than four million tons of cargo along a vital transportation corridor connecting Naivasha and Nairobi with the Port of Mombasa.

CNN’s Connecting Africa explores transport infrastructure across the continent Brandspurng

Abhishek Sharma, Senior Director of Transport at TradeMark East Africa, tells Giokos how the railway has impacted trade at the port,

“Our whole transport system has been realigned. For the longest time, very little cargo was moving by rail, up to 95% of the cargo was moving by road. Suddenly, there has been a massive shift where for containerised cargo from Mombasa to Nairobi 60% of the imports are moving by rail. So, it’s a whole different way in which things are being done.”

In a region with many landlocked countries, logistics costs can add up to 60% on the consumer price of imported basic commodities.

Sharma speaks about the positive impact the S-G-R has had on reducing these costs, “Any intervention which reduces the cost of logistics in our region, makes a big difference to what the people in our region can achieve in terms of their health outcomes and educational outcomes, as well as, you know, to be able to save a bit more.”

CNN’s Connecting Africa explores transport infrastructure across the continent Brandspurng

In the future, the S-G-R project is planned to connect Mombasa to Malaba on the border with Uganda and continue onward to Kampala. It will also run to Kigali in Rwanda, with a branch line to Juba in South Sudan.

James Macharia, Kenya’s Cabinet Secretary for Transport, explains the benefits this extension will bring, “Our neighbouring countries will be able to move the cargo from Mombasa all the way to the border, a distance of about 1300 kilometres in a span of about 18 hours. And this is what will bring efficiency and bring competitive advantage to the entire region.”

CNN’s Connecting Africa explores transport infrastructure across the continent Brandspurng2

Next, Giokos meets the co-founder of UgaBus, an online ticketing app enabling travellers within East Africa buy bus tickets. Ronald Hakiza talks about why he launched UgaBus in 2015, “I’ve been to 207 towns in East Africa. I looked at how we struggled to buy tickets in those different towns, and I said to myself, ‘Really? In this era, something should change.’”

The app allows customers to search, compare and book a bus ticket in under three minutes. Christine Kabazira, a UgaBus subscriber, tells the programme why she uses the service, “The hassle that comes with booking buses, going to the bus and the crowds, especially now in the COVID times, the fact that you don’t have to touch money.

It confirms that you have paid via SMS and it confirms that you have booked a certain seat. So, all you need to do is just go to the bus station and show them the SMS.”

Currently, passengers can book over 200 routes on the UgaBus app across five countries in East Africa: Kenya, Rwanda, South Sudan, Tanzania, and Uganda, with Zambia being targeted next. Hakiza speaks about the company’s future, “We’re building a bus ecosystem, something that brings together the entire bus online digitally that when you look at the bus, right from luggage, to passenger travel, to ticketing, to experiences, to everything should come online.”

This episode also profiles WhereIsMyTransport, a start-up mapping African cities to provide mobility data and solutions for emerging-market cities, and features GoMetro, a mobile transit information app offering updates to improve the urban commuting experience in South Africa.

Finally, Giokos goes behind the scenes of Sierra Leone’s ferry service Sea Coach Express to find out how they are expanding their routes to neighbouring Guinea.

‘Connecting Africa’ airs on Saturday 6th February at 0830 SAST on CNN International

The show also airs at the following times:

  • Sunday 7th February at 0500 SAST, 0800 SAST,
  • Monday 8th February at 0030 SAST
  • Saturday 13th February at 0800 SAST and 1300 SAST
  • Sunday 14th February at 2000 SAST
  • Monday 15th February at 0600 SAST 

https://edition.cnn.com/specials/business/connecting-africa 

Standard Chartered hosts clients to Companies and Allied Matters Act and Finance Act 2020 roundtable discussion

Esan Bolaji
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Standard Chartered hosts clients to Companies and Allied Matters Act and Finance Act 2020 roundtable discussion

February 10 2020: Standard Chartered Bank Nigeria Limited in conjunction with leading law firm, Udo Udoma & Belo-Osagie (UUBO) hosted clients, Global investors, Custodians, Bankers and Institutional investors to a review of the major changes in the CAMA and Finance Act 2020 and its impact their businesses. 

Speaking on the event, Olukorede Adenowo, Executive Director, Commercial, Corporate & Institutional Banking (CCIB)  said: 

We have provided this platform to reinforce our thought leadership capability especially on topical matters that affect our clients. This session is one in a series of client engagements that we organise as part of our value-added benefits to our Corporate clients.

The Commercial, Corporate & Institutional Banking (CCIB) is a coverage model that builds on our product and network capabilities to offer our clients a consistent experience by delivering excellent financial solutions.

Standard Chartered Launches the 2nd edition of its Women in Tech programme to support Nigerian Female Entrepreneurs Brandspurng

Mrs. Ozofu ‘Latunde Ogiemudia, a partner with UUBO gave an insightful presentation on the CAMA and its the far-reaching impact on subjects from electronic innovation and Plc governance to Corporate structures and financial assistance.

She said

‘The updates to CAMA are welcome and what the Nigerian Businesses have been looking forward to as it provides absolute clarity on several matters and eliminates existing bottles necks and bureaucracy. 

The presentation on The Finance Act 2020 was delivered by another Partner with UUBO, Mrs Lolade Ososami, which covered the changes to tax (VAT, CITA, PIT, etc) tax processing, potential risks and advice to Corporations. 

From fast-growing firms to the world’s biggest multinationals, Standard Chartered Bank offers a wide range of highly specialised services designed for your complex business needs. This can be attributed to our global network. Our CCIB Business provides solutions covering Financial Markets, Corporate Finance, Transaction Banking, Institutions, Banks, Multinationals

NetPlusDotCom Launches Android Based NetPOS Devices in Nigeria

Esan Bolaji
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0
NetPlusDotCom Launches Android Based NetPOS Devices in Nigeria

Lagos, Nigeria. February 10, 2021. NetPlusDotCom, leading technology and digital payment company has launched NetPOS devices, Android Based Point-Of-Sale Systems enabled to process multiple types of payments securely on the go. 

The device comes, already certified by the Nigeria Interbank Settlement Systems (NIBSS) come in two variants- the NetPOS Mini and NetPOS Pro devices. 

NetPlusDotCom Launches Android Based NetPOS Devices in Nigeria Brandspurng

Both devices come preinstalled with the NetPOS Payment App and the NetPlus Merchant Super App (STORM) which allow utilities and features that allow transactions to be conducted seamlessly. These apps are available for download on the Google Play store. The devices also allow partner apps to be installed to drive efficiency for businesses of all types and sizes. 

NetPlusDotCom Launches Android Based NetPOS Devices in Nigeria Brandspurng

“With the launch of our NetPOS devices in the market, our plan is to deliver an all in one solution that serves as a smartphone and a POS terminal, thereby giving business owners the luxury of achieving more with even less amount of devices,” said Wole Faroun, founder of NetPlusDotCom while speaking during the launch.

These are the first locally-branded POS terminals and they offer additional branding for partners including banks, fintech and other financial institutions. 

NetPlusDotCom Launches Android Based NetPOS Devices in Nigeria Brandspurng

NetPOS Pro

NetPOS Pro’s practical design infused with topnotch Android features makes selling easy and seamless. The device comes with built-in GPS for tracking, a 2-inch Thermal Printer that is quick and efficient and has up to 16GB of storage space, all of which we have made highly secure for your privacy.  The device also ensures quick transaction processing on all card payments to QR. 

NetPOS Mini

The NetPOS mini is an Android-based smart mobile phone and a POS terminal which will help manage your business seamlessly and speed up your work process. NetPOS Mini comes with the Android 10 OS and other latest technology that makes accepting payments much faster yet simple to achieve. Quick sales, issuing receipts, connecting with customers etc. becomes easy on NetPOS Mini. 

Both devices are now available for preorder on netpos.com.ng. 

What is a Megaways Slot?

Esan Bolaji
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What is a Megaways Slot?

Winning on slots is a lot of fun, and it’s what some people play for – they’re not really interested in the game itself, they just want to win the jackpot. That’s fair enough (although if this is why you play, you’ll be missing out on all the fun you could be having, of course, which is a shame!).

For these people (and others) it’s a good idea to pick a slot that offers the best chance of winning.

This could indeed be a Megaways slot – check out our games. This type of game was created by Big Time Gaming and gives you the most number of ways to win any other slot. Here’s some more information so you get a good overview of what a Megaways slot is really like. 

What Are Megaways Slots?

The most common online slots you’ll find are those with five reels and three symbols per reel. These can be great fun, and they offer 243 paylines, which isn’t bad – that’s 243 ways to win. Yet there are slots that offer a whole lot more, and those slots are most often termed Megaways. 

These slots from Big Time Gaming are fascinating. From one spin to the next, you never know quite how many paylines are going to appear – it’s different every time, so the fun is increased.

The reels might have anything from two to eight symbols on them, so the number of different combinations you can get that will lead to a win varies hugely. There could be hundreds of thousands of ways to win overall. 

How Do Megaways Slots Work?

Megaways slots have changeable reels. This is the basis of how they work. The symbol height is different on each spin, so sometimes there will be more symbols showing (more ways to win) and sometimes less (fewer ways to win).

It all depends on how things fall, which is always the case, although with the added variations it does make Megaways different and interesting to play. The maximum amount of pay lines on any Megaways game is 117,649. 

The majority of the Megaways slots that are played today have six reels and between two and eight symbols per reel. There are also multipliers and other reel modifiers, so the winning combinations actually increase over and above what you might expect. 

Highlights

It’s the number of ways to win that, clearly, is going to make Megaways a great game to play, but there are other reasons too. These games have plenty of highlights. They include:

  • Every payout is multiplied by the stake
  • There are cascading reels which mean even more winning combinations (potentially)
  • There are usually bonus rounds which include free spins and multipliers
  • You might even be able to buy into a bonus round rather than waiting for the reels to give you the option 

How To Win At Megaways

In order to win when playing Megaways, you need to hit a pay line across the adjacent reels. It won’t matter what size the symbols are (this doesn’t have to match). So essentially, winning is the same as any other slot – the right combination of symbols must be seen across the reels. Yet with so many different ways to win, it’s an exciting prospect.

Slots with Free Spins Offer Real Money or Are They Scam?

Esan Bolaji
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0
Slots with Free Spins Offer Real Money or Are They Scam?

There is this widespread assumption that you cannot win real money when you play slots with free spins. But how true is this statement really? If you have been playing Spin Station slots for a while then you probably know that there are numerous myths surrounding the game. Is this one of them?

Keep reading to find out.

Slots with Free Spins

Most modern slots include free spins rounds. These are mini-games where players do not have to pay to spin. Usually, free spin rounds also have other special features, such as linked reels, wilds, and multipliers.

The Unstoppable Rise Of The Online Casino

However, this is not the only way that you can get your hands on free spins. Most online casinos offer new players free spin bonuses. They can use this to play slots for free and hopefully accumulate some wins.

Can You Win Real Money with Free Spins?

Now, for the big question. Can you make some real money using these free spins? Absolutely. Contrary to what players believe, the machine cannot distinguish between free spins and spins paid for with real money. This means that there is no way that the machine can discriminate based on free spins.

However, it becomes a little more complicated when you are referring to free spins that you receive as a bonus from a casino. Other than free spins that you get from the slot itself, free spin bonuses usually come with terms and conditions attached.

While you do get free spin bonuses that do not require a deposit, they are very rare. Most often the free spin bonuses you come across will be deposit bonuses. This means that you need to make a deposit before you can get and use the bonus free spins.

Besides the deposit, free spin bonuses also come with terms and conditions attached. One of the main terms is regarding wearing requirements. Most bonuses have wagering requirements.

They basically refer to the number of times you need to wager the bonus money (in the case of free spins, the winnings that resulted from the free spins) before you can withdraw any winnings. If you want to get the most out of your free spins, look for bonuses with wagering requirements between 15 and 25 times.

Wagering requirements also tend to have time limits, e.g. it needs to be wagered 25x within 30 days. The lower the wagering requirements, the more doable it will be.

Also pay attention to limits on how much you can, bet, win, or withdraw using these free spins. Most online casinos sneak these into terms and conditions. You don’t want to do anything that could result in you forfeiting your winnings.

Final Thoughts

In conclusion, free spins can result in real cash prizes and in most cases they do. However, not all types of free spins come without any strings attached. So, if you are thinking about accepting an online casino bonus, please look at the terms and conditions. Not all bonuses are equal. You want to make sure that you accept the best offer possible.

Coca-Cola Posts 11% Drop in Revenue Amid Pandemic Pressure

Esan Bolaji
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0
Coca-Cola Posts 11% Drop in Revenue Amid Pandemic Pressure

The Coca-Cola Company today reported fourth quarter and full-year 2020 results, including sequential improvement in volume trends. The company also provided an update on its strategic transformation initiatives.

Together with its bottling partners, the company continues to focus on moving swiftly to execute against system priorities and to win in the marketplace.

Coca-Cola to cut 2,200 Jobs Worldwide Brandspurng
Photo by Krisztian Matyas

Highlights

  • Global Unit Case Volume Declined 3% for the Quarter and 6% for the Full Year
  • Net Revenues Declined 5% for the Quarter and 11% for the Full Year;
    Organic Revenues (Non-GAAP) Declined 3% for the Quarter and 9% for the Full Year
  • Operating Income Grew 8% for the Quarter and Declined 11% for the Full Year;
    Comparable Currency Neutral Operating Income (Non-GAAP) Grew 14% for the Quarter and Was Even for the Full Year
  • Fourth Quarter EPS Declined 29% to $0.34, and Comparable EPS (Non-GAAP) Grew 6% to $0.47; Full Year EPS Declined 13% to $1.79, and Comparable EPS (Non-GAAP) Declined 8% to $1.95
  • Cash from Operations Was $9.8 Billion for the Full Year, Down 6%; Full-Year Free Cash Flow (Non-GAAP) Was $8.7 Billion, Up 3%

James Quincey, chairman and CEO of The Coca-Cola Company said,

“In 2020, employees from across The Coca-Cola Company and its bottling system worked tirelessly to learn and adapt amidst a global crisis,”

“The progress we made in 2020, including the actions taken to accelerate the transformation of our company, gives us confidence in returning to growth in the year ahead. While near-term uncertainty remains, we are well-positioned to emerge stronger from the crisis, driven by our purpose and our beverages for life ambition.”

Quarterly / Full Year Performance

  • Revenues: For the quarter, net revenues declined 5% to $8.6 billion and organic revenues (non-GAAP) declined 3%. This was driven by a 3% decline in price/mix while concentrate sales were even. The quarter included two additional days, which resulted in an approximate 2-point benefit to revenue growth. The company continued to see improvement in trends compared to prior quarters. For the year, net revenues declined 11% to $33.0 billion and organic revenues (non-GAAP) declined 9%. This was driven by a 7% decline in concentrate sales and a 2% decline in price/mix.
  • Margin: For the quarter, operating margin, which included items impacting comparability, was 27.2% versus 23.9% in the prior year, while comparable operating margin (non-GAAP) was 27.3% versus 24.8% in the prior year. For the full year, operating margin, which included items impacting comparability, was 27.3% versus 27.1% in the prior year, while comparable operating margin (non-GAAP) was 29.6% versus 27.9% in the prior year. For both the quarter and the full year, operating margin expansion was primarily driven by effective cost management, partially offset by top-line pressure and currency headwinds.
  • Earnings per share: For the quarter, EPS declined 29% to $0.34, and comparable EPS (non-GAAP) grew 6% to $0.47. For the full year, EPS declined 13% to $1.79, and comparable EPS (non-GAAP) declined 8% to $1.95. Fourth quarter and full year comparable EPS (non-GAAP) performance included the impact of 9-point and 6-point currency headwinds, respectively.
  • Market share: For the quarter, the company’s value share in total nonalcoholic ready-to-drink (NARTD) beverages was even, while for the full year, the company lost NARTD value share. For both the quarter and the full year, the company gained underlying share in both at-home and away-from-home channels, which was offset by negative channel mix due to continued pressure in away-from-home channels, where the company has a strong share position.
  • Cash flow: Cash from operations was $9.8 billion for the year, down 6%, largely driven by pressure on the business due to the coronavirus pandemic and a currency headwind. Full-year free cash flow (non-GAAP) was $8.7 billion, up 3%, primarily driven by lower capital expenditures versus the prior year.

Outlook

The 2021 outlook information provided below includes forward-looking non-GAAP financial measures, which management uses in measuring performance.

The company is not able to reconcile the full year 2021 projected organic revenues (non-GAAP) to full-year 2021 projected reported net revenues, full-year 2021 projected comparable net revenues (non-GAAP) to full-year 2021 projected reported net revenues, full-year 2021 projected underlying effective tax rate (non-GAAP) to full-year 2021 projected reported effective tax rate or full-year 2021 projected comparable EPS (non-GAAP) to full-year 2021 projected reported EPS without unreasonable efforts because it is not possible to predict with a reasonable degree of certainty the actual impact of changes in foreign currency exchange rates; the exact timing and amount of acquisitions, divestitures and/or structural changes; and the exact timing and amount of comparability items throughout 2021.

RE: UNDERCOVER INVESTIGATION: With a Fake COVID-19 Certificate, I Travelled from Nigeria to the UK – and Back!

Esan Bolaji
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RE: UNDERCOVER INVESTIGATION: With a Fake COVID-19 Certificate, I Travelled from Nigeria to the UK – and Back!

The attention of the Lagos State University Teaching Hospital (LASUTH) has been drawn to a purported investigative report written by Adeola Oladipupo of Foundation for Investigative Journalism.

The online publication is on a report on the syndicate allegedly issuing fake COVID-19 results.  In the said report, our very reputable hospital was mentioned as harbouring nefarious elements who colluded with personnel at the Biosafety Laboratory, Yaba to give out fake COVID results.

What you need to know about the Moderna COVID-19 vaccine

We wish to make the following clarifications: 

1. It will be nice for the writer to authenticate the identity of whoever he dealt with parading as a LASUTH staff. In a swift response, hospital Management has set up a high-powered panel to investigate the allegation.

2. It is well known that only the private laboratories accredited by the state government carry out COVID-19 tests for intending travellers for a fee. The list of the laboratories can be found on https://www.lagosstatebiobank.com/home. Our hospital does not carry out COVID-19 tests.  Free COVID-19 tests are done for suspects at the Infectious Diseases Hospital, Yaba; Nigerian Institute of Medical Research (NIMR) and Lagos University Teaching Hospital (LUTH).

3. Our hospital is a public premise and there is, therefore, no restriction whatsoever to entry and exit of human traffic.  As a result, even though we try to watch out for heinous characters that really have no business in the hospital, it is usually a herculean task. As a result, there are impostors who parade themselves as hospital workers, out to make quick money from unsuspecting victims. We strongly believe that the writer interacted with one of such touts.

4. Our staff comprises largely of highly disciplined and incorruptible men and women who will not engage in such nefarious activities as described in the report. As a reputable tertiary institution, we are strongly averse such behaviour and we are focused on providing high-quality healthcare to the people of Lagos State and its environs.

However, we would like to assure the public that the hospital Management will leave no stone unturned to unravel the truth, culprit found will be brought to book.

Shoprite increasing food security efforts and ensuring job security for workforce during COVID-19

Esan Bolaji
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Shoprite increasing food security efforts and ensuring job security for workforce during COVID-19

With funding for South Africa’s COVID-19 R350 grants running dry for many, and jobs under threat due to the economic fallout from the pandemic, the Shoprite Group is increasing its food security efforts, and working to ensure job security for its massive workforce.

The Group has placed a significant emphasis on hunger relief since the start of lockdown and has donated food worth more than R100 million – the equivalent of about 27 million meals – to organisation spearheading several critical initiatives around the country.

Shoprite increasing food security efforts and ensuring job security for workforce during COVID-19 Brandspurng

Last year the Group also provided 785 676 meals to 109 Early Childhood Development (ECD) centres during their forced COVID-19 closures and has served 4 million meals via its mobile soup kitchens.

“We realised early on in the pandemic that food security would be critical for millions of people in South Africa, and many would-be going hungry due to job loss and the widespread economic fallout.”

– Lunga Schoeman, CSI Manager for the Shoprite Group

With over 141 000 frontline workers, Shoprite has worked hard to ensure job security for its employees, many of whom are the financial cornerstones of their own communities. The Group remains South Africa’s largest private employer – second only to the government – and it has continued to open new supermarkets, creating additional jobs, despite the current economy.

The in-store Act For Change Fund has also proven a critical tool in assisting people during this time, and in partnership with its generous customers, the Group has raised almost R5 million for various beneficiary organisations enacting change in local communities.

shoprite brandspur

NSE Honours the Registrar-General/CEO of CAC with a Closing Gong Ceremony

Esan Bolaji
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NSE Honours the Registrar-General/CEO of CAC with a Closing Gong Ceremony

As part of its stakeholder engagement activities, The Nigerian Stock Exchange (NSE) hosted the Registrar-General/Chief Executive Officer (CEO) of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar to a digital Closing Gong Ceremony on Monday, 8 February 2021. 

The event provided an opportunity for the CAC to intimate the capital market community on the reform initiatives of the CAC, particularly the Companies and Allied Matters Act (CAMA) 2020 which was assented to by His Excellency, President Muhammadu Buhari GCFR in August 2020.

NSE, PRI Collaborate to Host Webinar on Responsible Investing

Speaking at the ceremony, the CEO, NSE, Mr. Oscar N. Onyema, OON commented,

“The NSE has remained a committed partner to the CAC over the years. We are particularly proud of our collaboration during the legislative process of the Company and Allied Matters Bill which led to the signing into law of CAMA 2020, and our recent collaboration with the CAC – along with other stakeholders – to host a public presentation of the newly upgraded CAC Online Registration Portal.

We note this success and commend the CAC for its reform initiatives even in challenging times. The Exchange is also grateful for the dedicated support of the CAC in the final stages of the ongoing NSE Demutualisation exercise which will see The Exchange unfolding into a structure that takes full advantage of business opportunities in line with its growth strategy into the future.”

On his part, Alhaji Abubakar noted,

“I specially thank the NSE for this honour and as rightly observed, our relationship with The Exchange has been mutually beneficial. We are glad that the demutualisation of The Exchange is coming to a close and we are eager to see the brand new entities that will act with different mandates to support the economy and investors.

At the CAC, it is our responsibility to provide an enabling climate that supports the efforts of the government to improve the ease of doing business not only in registering new businesses but in fulfilling post-registration activities.

To this end, we began the implementation of CAMA 2020 on 1 January 2021 and we have deployed a new technology solution that supports the full implementation of the law. Our enlightenment on the new CAMA is ongoing and we will continue to engage our stakeholders.”

The Exchange has been resolute in its commitment to provide issuers with a platform that allows them to meet their strategic business objectives. Facilitating the engagement with the CAC and capital market stakeholders was, therefore, both timely and strategic as the commission is a critical regulatory agency in achieving such business objectives.

Cement Sector to build on strong 2020 performance

United Capital Research
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0
Cement Sector to build on strong 2020 performance

The year 2020 saw the Cement sub-sector ward off formidable challenges. As a sector dependent on the easy movement of goods, the lockdown measures led to lower demand amid cancelled and delayed construction projects.

This decline in demand was apparent in Q2 GDP numbers, as the Construction sector and the Cement sector GDPs declined by -31.8%y/y and -5.5%y/y, respectively. Expectedly, H1-2020 financial performance of players in the sector also reflected this.

Cement Sector to build on strong 2020 performance Brandspurng
Sources: NBS

However, the essential nature of cement led to pent up demand from Q2-2020, resulting in a strong subsector recovery in Q3-2020 amid the partial reopening of the economy.

Cement players across our coverage recorded volume growth in 9M-20 while the cement sector recorded real GDP growth of 12.0% y/y. This was driven by a strong rebound in private sector demand due to the easing of movement restrictions and a short rainy season.

Beyond the uptick in volumes, players also doubled down on deleveraging and cost efficiency through energy diversification.

Overall, we expect the sector’s performance in 2021 to build in 2020, driven by increased public sector demand (FG 2021 budget indicates a record CAPEX estimate of N3.9tn). Although the concerns remain the rather optimistic assumptions and projections.

Also, the expected improvement in pan-African exports buoyed by the AfCFTA and broad-based vaccinations will support improvement in the sectors’ output. All these suggest headroom for medium to long-term volume growth.

The above notwithstanding, coronavirus-related restrictions and the unpredictable weather are key downside risk factors which may hurt demand for cement and may weaken profitability.

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