Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: East African Cables Profits Recover

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Kenya: Press Releases: East African Cables Profits Recover

Friday, 15 July 2011

Nairobi, 14 July 2011 --- Regional operating cables and conductors manufacturer, East African Cables has announced a more than 946% growth on its profit before tax in its just released half year trading results. In a validation of the firm’s return to profitability strategy announced earlier in the year, East African Cables efforts to grow its distribution channels through accredited dealers throughout the region appears to be paying off.

The strategy which also focused on revitalizing the firm’s operations at its Tanzanian subsidiary has also registered positive recovery for the Dar es Salaam based arm which had earlier registered a huge loss. The firm’s turnover rose to more than KES2.3bn, representing a 29% growth from from KES1.8bn posted within the same period last year.

Speaking when he announced the results, East African Cables Group CEO Mr. George Mwangi confirmed that the turnaround adopted by the firm was firmly on course, managing to earn KES249m profit before tax, up from KES23m registered during the same period last year.

“We acknowledge that customers are seeking for more value and the winners of tomorrow must be dynamic and responsive to market trends,” Mwangi said. “Investing in customer relations and building strong partnerships with stakeholders with strong emphasis on a more environmentally and socially responsive business remains our priority.”

With an operating profit jump of KES317m, up from KES238m, Mwangi attributed the firm’s growth to increased sales in the regional markets and the recovery of the firm’s Tanzania operations. During the same period last year, East African Cables had suffered an after tax loss of KES56m which has now been turned around to a KES172m profit. “Despite the prevailing economic challenges in the region, we expect to maintain the current positive business trend,” Mwangi said.

Earlier in the year during the firm’s investor briefing, East African Cables had outlined plans to further increase its market with expanded capacity and a mix of new products and market forays within and beyond the East Africa region.

In a first for a sub-Saharan cables manufacturer, East African Cables has already commenced production of aerial bundled conductors (ABC) which are much safer and more environmentally friendly for power transmission. In addition, East African Cables has introduced crosslink polyethylene cables (XLPE) which have the ability to carry more current for the same size of cable compared to PVC cables and have better strength at high temperatures. The company has also commenced manufacture of Halogen Free Flame Retardant (HFFR) cables which is a first for any cable manufacturer in the region.

Besides the new products, East African Cables has moved to entrench its market footprint in key East, Central and Horn of Africa countries including Burundi, Eastern DRC and Southern Sudan this year alongside its operations in Kenya, Tanzania, Uganda and Rwanda. The additional capacity commissioned positions the company to take advantage of demand in these markets.

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