{{East African Portland Cement plans to expand after returning to profit during the six months ended December, boosted by cost cutting and improved cement sales.}}<\/p>\n
Portland, Kenya’s number three cement producer, said on Monday it was optimistic of strong full-year results and was exploring expanding to Tanzania.<\/p>\n
The firm, which also operates in Uganda and South Sudan, was also looking to grow its clinker production line after returning to profit for the first time in two years.<\/p>\n
“We are now discussing the financing of these projects,” managing director Kephar Tande told investors in Nairobi.<\/p>\n
Portland plans to raise new capital through the Nairobi bourse, with the aim of increasing clinker production to 1.5 million tonnes by 2016 from 450,000 tonnes.<\/p>\n
Tande also expects Portland to double its export market to 10 percent by 2014, while noting “good prospects” of the company paying a dividend to shareholders for the first time since 2010.<\/p>\n
Construction has been one of east Africa’s fastest growing sectors over the last decade, fuelled by a burgeoning middle class with higher disposable incomes. Returns on investment in the sector have outpaced those of equities and government securities.<\/p>\n
Portland made a pretax profit of 376.27 million shillings ($4.3 million) for the six months ended December, compared with a pretax loss of 247.20 million shillings during the same period last year.<\/p>\n
Tande said the business boosted profits by saving about 850 million shillings by reducing inefficiencies at its plants, which led to greater production of clinker, a key raw material for making cement.<\/p>\n
Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"
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