Kenya-based East African Portland Cement Co (EAPCC) has reported a net loss of KES2.77bn (US$25.46m) for the year ending 30 June 2020, an improvement compared to the KES3.36bn loss in the previous fiscal year.

Revenue for the year declined 13 per cent YoY to KES2.47bn from KES2.85bn.

"Revenue for the year declined by 13 per cent owing to the increased competition that created a downward pressure on retail prices," said the company.

EAPCC offered its employees a voluntary retirement programme earlier in the year and this is expected to reduce costs going forwards. "Cost reductions are expected in future periods upon completion of the staff restructuring programmes. The attendant costs of the programmes were recognised in the current year."