NAIROBI, Kenya, July 14 – Cables and conductors manufacturing firm East African Cables has reported a 14 percent growth in its profit after tax during the first half of 2009.
In its un-audited half year results released on Tuesday, the firm reported a Sh249 million profit in the six-month period ending June 2009 up from Sh218 million posted during the same period last year.
Speaking when he released the results, East African Cables Chief Executive Officer, George Mwangi, attributed the firm’s improved performance to growth in its regional markets particularly on its copper business and increased focus on process efficiency.
“We currently have a solid presence in all the five East African Countries and the company is consolidating gains from progressive execution of its regional expansion programme,” Mr Mwangi said.
We are highly confident that the continued expansion and growth in the regional markets, coupled with increased capacity and operating efficiency will further drive our growth while raising investor value,” he added.
Mr Mwangi said the company will in future focus on increasing the production capability required to meet the expanding product range in the local and regional markets while increasing overall efficiencies.
“This focus fits well with our overall business strategy of establishing a solid market presence in 13 countries by the year 2012,’’ he said.
Overall, the group turnover declined by six percent to Sh1.7 billion in the first half of 2009, down from Sh1.8 billion posted during the same period in the last financial year.
The decline, Mr Mwangi explained, is due to the reduction in the global metal prices and reduced sales in the aluminum business.