Cement News tagged under: East African Portland Cement Co

RSS feed

East African Portland Cement announces 8% revenue increase

27 February 2020, Published under Cement News

Kenya’s East African Portland Cement has reported a KES1.63bn (US$16.1m) net loss in the first half of the financial year, ending 31 December 2019. This is largely consistent with the KES1.62bn net loss seen in the 1HFY18-19. However, the company’s revenue increased eight per cent to KES1.48bn, compared with KES1.37bn in the corresponding period of the previous year.

East African Portland Cement defaults on KCB Bank loan

03 January 2020, Published under Cement News

East African Portland Cement Company (EAPCC) has defaulted on a KES263m (US$2.6m) loan it took from KCB Bank, prompting the lender to recall the credit facilities, reports PricewaterhouseCoopers (PwC). PwC's report relates to an audit of the cement manufacturer’s accounts for the year ended June 2019. "In the year under review, the entity defaulted on the contractual loan repayments to KCB Bank, totalling KES263m, prompting the lender to issue a demand notice dated 8 April 2019 for all it...

EAPCC dismisses all top managers

24 September 2019, Published under Cement News

East African Portland Cement Co (EAPCC) has dismissed all of its top managers as part of a restructuring plan that will see the cement producer sell 2000 acres of prime but unused land in Mavoko, Machakos, Kenya, to boost its finances. A total of 136 supervisors and managers were issued with dismissal notices last week although it is expected to rehire some of them on 40 per cent of their previous pay. “We will give the affected workers first priority to re-apply for their positions under ...

ARM and East Africa Portland's forced to cease production

23 September 2019, Published under Cement News

Both ARM and East Africa Portland Cement are experiencing major operational challenges that have inhibited their ability to produce any cement. "ARM Cement and East African Portland Cement Company, are currently experiencing some problems that have led to ceasing of production," said Apex Capital. The court battle between Rai Cement and National Cement has stalled the sale of ARM and Stanic Bank has threatened to freeze worker's salaries. The administrators for ARM, PricewaterhouseCoopers ...

East African Portland Cement withdraws dismissing workforce notice

12 August 2019, Published under Cement News

Kenya’s East African Portland Cement Co (EAPCC) has withdrawn the notice about the plan to dismiss its workforce of 800, saying it would make a further statement about restructuring the company. "(The) notice has been withdrawn," Acting Managing Director, Stephen Nthei said in a letter addressed to the Kenya Chemical Workers Union and seen by Reuters. "A fresh replacement notice on the intended company restructuring and staff rationalisation shall be circulated in due course," the letter s...

East African Portland Cement to lay off all workers

09 August 2019, Published under Cement News

Kenya-based East African Portland Cement Co (EAPCC) has announced plans to lay off its workers due to the company’s financial issues, according to Standard Digital. However, employees will be encouraged to apply for subsequently reconfigured positions. “The company is now faced with the need to restructure its operations, which will include a staff rationalisation programme to balance our running costs and current levels of productivity,” says EAPCC’s Acting Managing Director, Stephen Nthei...

EAPCC appoints Stephen Kyalo Nthei as acting MD

28 May 2019, Published under Cement News

East African Portland Cement Co (EAPCC) has appointed Stephen Kyalo Nthei as acting managing director with effect from 20 May 2019. Mr Nthei, a Certified Public Accountant, joined the company in April 2007 and has served in various roles, including as Head of Internal Audit and Head of Financial Management. He now faces the challenge of improving the performance of the cash-strapped cement producer. EAPCC has a KES10.8bn (US$106.7m) debt and posted a KES1.26bn loss for the half-year to D...

East African Portland Cement lose Athi River land decision

15 March 2019, Published under Cement News

East African Portland Cement (EAPC) has lost to a government decision on ownership of a plot of land in Athi River, Kenya. 

 State-owned Kenya Railways plan to construct a container terminus on the land, despite EAPC and local residents, known as the Aimi Ma Lukenya Society, having also claimed to own the disputed land. Speaking at Kibini hill in Kajiado East last week, Trade Cabinet Secretary Peter Munya confirmed that there is a deal for the land to be sold to Kenya Railways. "We have ...

EAPC sees 6M loss widen in 2018

01 March 2019, Published under Cement News

Kenyan cement producer East African Portland Cement reported a KES1.2bn (US$12m) loss for the half-year ending 31 December 2018, compared with a KES970m loss in the prior-year period. Sales revenue fell by 55 per cent to KES1.3bn. The company attributed the widening loss to a difficult business environment with increasing input prices, the sluggish market and challenges in its production due to a tight working capital.

ARM and EAPC risk sanctions due to royalty arrears

12 February 2019, Published under Cement News

Athi River Mining (ARM) and East African Portland Cement (EAPC) are risking their operating licence following an audit report of companies in the cement sector that are in royalty arrears with the Kenyan state, according to a report by Agence Ecofin. A taskforce report recommended to the Ministry of Mines that the granting of such licences be tied to the payment of royalties or cement levy. It also wants payment records to be used as one of the licensing conditions. “To enhance royalty or ...