Portland cement appoints Daniel Kiprono acting MD

East African Portland Cement factory in Athi River (PHOTO: FILE)

NAIROBI, KENYA: The East African Portland Cement Company (EAPCC) Board has appointed Daniel Kiprono as the acting Managing Director

Kiprono who has over 27 years working experience in diverse sectors and institutions joined the company last year in August. He has served in various roles including as financial accountant, internal auditor, procurement manager, senior internal auditor and currently head of internal audit.

He previously worked at the National Irrigation Board as a chief accountant.

He holds a Masters of Business Administration in Finance and Bachelor of Commerce Degree.

The company reported a net loss of Sh2.77 billion for the year ending June 30, 2020.

The earnings, however, showed an improvement compared to a loss of Sh3.36 billion in the previous year, with the firm saying cost containment helped it reduce expenses.

The company also attributed the decline in fortunes to growing competition. “Revenue for the year declined by 13 per cent owing to the increased competition that created downward pressure on retail prices,” the firm said in a statement.

The company, which has been facing financial headwinds in the recent past, also slashed its workforce. “General operating expenses for the group and the company reduced by two per cent during the period owing to staff rationalisation and cost containment measures.