East African Portland Cement located in Kenya will be the first State corporation to surpass all key annual financial and non-financial targets set by the Government in performance contracts. Managing Director Zakayo Mapelu’s results-oriented management occasioned re-engineering at the cement firm has shown dramatic results. Sources said a fundamental shift in thinking from a firm motivated by political thinking to one driven by commercial motives had returned it to profitability. East African Portland Cement’s half-year financial results have exceeded annual performance indicators in just six months.
The new management has seen the firm’s shares record an impressive performance at the Nairobi Stock Exchange with shares gaining Sh6 over the past ten days. Mapelu will declare half-year results that insider say will impress key stakeholders and endorse the Government’s performance contracts as a success in turning around the corporation. The Government has embraced performance contracts for all chief executives and other senior civil servants who are expected to meet certain targets or be sacked.