EAPCC reverses losses, posts Sh1.7 billion profit after tax

EAPCC has posted a profit for the full year ended June 2013 reversing a record loss made over the same period of time last year. Photo/FILE 

By David Herbling

In Summary

• East African Portland Cement (EAPCC) has posted a profit for the full year ended June 2013 reversing a record loss made over the same period of time last year.

East African Portland Cement (EAPCC) has posted a profit for the full year ended June 2013 reversing a record loss made over the same period of time last year.

The Nairobi Securities Exchange (NSE) listed cement maker on Friday said that its profit after tax for the year ended June this year rose to Sh1.77 billion compared to a net loss of Sh972.7 million the previous year.

The cement maker’s sales increased 8.2 per cent to Sh9.2 billion from Sh8.5 billion in 2012; while the cost of sales reduced by 6.9 per cent.

“This was due to sustained marketing campaigns and improved supply of cement to the market, and cutting on operational costs,” said Kepha Tande, managing director of EAPCC.

READ: Kestrel Capital predicts sales boost for cement companies

The return to profit-making zone will be a boon to EAPCC shareholders who braced a dividend drought last year, as the firm declared a Sh0.75 dividend payout per share.

It last paid a dividend of Sh0.50 for the year ended June 2011.

EAPCC share on Friday closed at Sh65.50 having gained 67.95 per cent from its opening price at the beginning of this year of Sh39.