Results are in for East Africa Portland Cement Company (EAPCC), which has recorded a huge increase in net profit for the year ended 30 June 2013. Net profit reached Sh2.48 billion, up from last year’s loss of Sh969.7 million – a 356% increase that the company attributes to improved sales and cost efficiency efforts.
Revenues grew to Sh9.2 billion, profit margin improved to 25% for the year and profit after tax was up at Sh1.8 billion.
Managing Director Kephar Tande told press the remarkable results were down to ‘sustained marketing campaigns and improved supply of cement to the market’. A tax credit of Sh356 million arising from the write-back of tax expenses that did not materialise also boosted profits, as did currency gains.
The company has increased its market share to 20% and intends to grow its presence in export markets such as Uganda, South Sudan and Northern Tanzania.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/africa-middle-east/28102013/eapcc_records_356_percent_growth_in_net_profit_346/