Uganda, Nov. 8 -- Cipla Quality Chemicals has said the recovery of part of its debt due to Zambian lifted its profit before tax position to Shs22.1b in the first half of the 2022/23 financial year .

During period, Cipla noted, Shs28.2b was recovered from the government of Zambia, reducing its outstanding debt to Shs12.2b from Shs40.4b.

The recovery, and a combination of other factors, among them early repayment of debt and a net foreign exchange gain of Shs3.5b, saw profit levels grow by 30.4 percent from Shs5.5b in the same period in 2022.

During the period, profits after tax grew to Shs13.9b compared to Shs2.8b in the same period in 2022.

However, the company indicated that without the impact of the recovery from Zambia, profit woul...