Cement News tagged under: EAPCC

RSS feed

EAPCC sees revenue down 6%

26 February 2021, Published under Cement News

Kenya’s East African Portland Cement (EAPCC) has posted a KES1.035bn (US$9.425m) net loss for the half-year ended on 31 December 2020. The loss was still a 34 per cent improvement from the KES1.575bn loss recorded in the year-ago period. The company’s revenue fell by 6.3 per cent YoY to KES1.39bn from KSh1.48bn in the 1HFY19-20, on the back of a slowdown in the real estate and construction industry. EAPCC is also expected to end its corporate loan facility to cut high finance costs thr...

EAPCC appoints new managing director

12 February 2021, Published under Cement News

Kenya’s East African Portland Cement Co (EAPCC) has appointed Daniel Kiprono as its new managing director, with effect from 8 February. Mr Kiprono replaces acting managing director, Stephen Nthei, who had been in the role for 18 months.

Kenya’s cement conundrum

03 June 2019, Published under Cement News

While recent times have seen the Kenya cement industry expand and new players arrive, the sector now faces a conundrum. While economic and construction forecasts indicate sound cement demand going forward, cement overcapacity has led to price pressures that show no sign of abating and which are affecting the bottom line of market players. A wave of industry consolidation in the short- to medium term cannot be ruled out. By Lisa Kimathi, Standard Investment Bank, Kenya. Despite forecas...

EAPCC denies reports of potential acquisition

22 January 2019, Published under Cement News

Kenya’s East African Portland Cement Co (EAPCC) has denied recent reports that it was in early-stage talks with LafargeHolcim about a potential acquisition. "It has never featured in any board discussions," said the company’s head of financial management, Stephen Nthei, in an interview with Bloomberg. "I don’t think it’s a considerable move given the current shareholding structure." Lafarge currently holds a 41.7 per cent stake in EAPCC. However, the majority shareholders are the Kenyan g...

EAPCC receives backing to sell land assets

21 November 2018, Published under Cement News

Kenya’s East African Portland Cement Co (EAPCC) has received Trade Ministry backing to sell off idle land, which will help the company recoup some of the KES15bn (U$146.3m) it says it needs to avoid a complete shutdown of operations. Betty Maina of the Trade Ministry has said that a Cabinet memorandum is ready for submission to grant the company approval to sell off its assets. Ms Maina also noted that EAPCC, which has assets worth KES100bn, does not require a government bail-out for a tur...

EAPCC's plan to raise funds relies on court outcome

28 August 2018, Published under Cement News

Kenya's East African Portland Cement Co (EAPCC) has announced that its plan to sell land to raise much-needed operational capital is dependent on the outcome of certain court cases. "We have all our land titles intact in the bank. They are under lock and key and those claiming share of Portland land assets need to understand this," said Peter ole Nkeri, managing director, EAPCC. The bailout plan was expected to raise KES15bn (US$149m), which would have enabled the company to pay its debts...

EAPCC announces net loss for 2H17

01 March 2018, Published under Cement News

East African Portland Cement Company (EAPCC) has announced that its net loss worsened in the half-year period ended 31 December 2017. The loss widened by 290 per cent YoY to KES969.57m (US$9.57m) from KES248.12m of the year-ago period, according to The Star. This has been attributed to a fall in revenue to KES3.06bn from KES3.72bn, due to the adverse effects of political activity. "Revenue declined due to slow market uptake on account of prolonged political activity which dampened investmen...

Kenya: locals request priority in EAPCC land sale

14 December 2016, Published under Cement News

East Africa Portland Cement Co (EAPCC) has proposed the disposal of parcels of land and residents in some of the areas have requested priority in the sale. On 17 November 2016, Athi River-based company EAPCC announced plans to sell parcels of its land in an attempt to raise approximately KES8bn (US$78.3m). The company has suggested the proceeds could go towards retiring KES5bn of debt. As the state controls 52.3 per cent of the company (25.3 per cent directly by the Ministry of Industr...