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News EAPCC described as insolvent by Auditor-General

EAPCC described as insolvent by Auditor-General

Written by Global Cement staff 19 November 2018
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Kenya: Edward Ouko, the Auditor-General, has described the East Africa Portland Cement Company (EAPCC) as insolvent because it cannot pay its debts. The cement producer made an operating loss of US$34m in its financial year that ended on 30 June 2018, according to the Standard newspaper. Its revenue fell by 25% year-on-year to US$50m. The company said it devised a new strategy to focus distribution on it own depots and to compete on pricing to counteract a lack of distribution of its products in common retail stores.

Last modified on 21 November 2018
Published in Global Cement News
Tagged under
  • Kenya
  • East Africa Portland Cement
  • East African Portland Cement Company
  • Results
  • Government
  • GCW380
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