East African Portland Cement has reported a 69 percent drop in profit for the fiscal year ending June 2022, with earnings falling to 529.2 million shillings from 1.7 billion shillings previously.
The manufacturer’s profitability fell due to a 57 percent drop in asset value gains to 2.5 billion shillings in the period, down from 5.8 billion shillings previously.
Portland Cement, on the other hand, continued to lose money from its operations, recording a loss of 1.8 billion shillings from a loss of 3.2 billion shillings from a 15% drop in revenue to 2.1 billion shillings.
Despite this, the cement manufacturer has benefited from lower sales and financing costs this year.
