Kenyan cement maker Bamburi recorded on Friday a 21 percent drop in annual pretax profit to 7.56 billion shillings as competition increased.

Turnover fell 6 percent to 28 billion shillings for the year ended December 31, while earnings per share dropped to 14.02 shillings from 18.32 shillings in the previous period.

The firm, which is Kenya's largest cement maker and is majority held by French building materials maker Lafarge, said finance costs rose to 91 million shillings from 14 million in the previous year.

The group refinanced its U.S.-dollar denominated loan from the ultimate holding company by a local currency loan to mitigate hard currency exposure in Uganda, Bamburi said in a statement, without elaborating.

Bamburi commissioned a new $120 million plant in Uganda last year, which is expected to boost output by 500,000 tonnes.

The firm's directors proposed a 7.0 shilling dividend, up from 5.5 shillings in the previous period.

The firm's shares closed Friday's trade at an average 196 shillings, down 1.0 shilling from the previous session.

Rival cement maker East African Portland Cement's pretax also took a 41 percent dive due to rising costs.