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 through a balance sheet restructuring programme. The company expects the restructuring programme to result in adequate cash inflows to support its working capital needs and to fund a plant refurbishment required to reach a competitive cost of production.
