- Bamburi Cement PLC has appointed Mohit Kapoor as the new Group Chief Executive Officer (CEO), effective April 1, 2023, subject to regulatory approvals.
- An electrical engineer, marketer and supply chain expert by profession, Kapoor was the Country CEO for Holcim Qatar prior to this appointment.
- Seddiq Hassani concludes his 5 year tenure leaving behind a stable and resilient brand.
Bamburi Cement PLC has appointed Mohit Kapoor as the new Group Chief Executive Officer (CEO), effective April 1, 2023, subject to regulatory approvals amidst dwindling profits.
Kapoor succeeds Seddiq Hassani, who has served as the company’s CEO since his appointment on February 9, 2018, and ends his five-year tenure on March 31, 2023.
An electrical engineer, marketer and supply chain expert by profession, Kapoor was the Country CEO for Holcim Qatar prior to this appointment. He has also served as the Head of Growth and Innovation at Holcim India, the Managing Director of Readymix Projects, the Vice President of Logistics & Supply Chain at Lafarge India, and the Senior Project Manager for Lafarge Group Audit.
He joins the company at the heart of its repositioning Strategy 2025: “Accelerating Green Growth” – that seeks to deliver market leadership growth, innovation and sustainable building solutions, solutions and product expansion, and superior performance.
Announcing the transition, the Chair of the Board John Simba stated: “We are happy to announce Mr. Kapoor as the new CEO of Bamburi Cement Plc. In an era of socioeconomic, environmental, and innovation disruptions, Mr. Kapoor’s extensive experience with Lafarge and Holcim, as well as his track record of brand building, innovation, and operational efficiency, have uniquely primed him to lead Bamburi Cement and the team into its next phase of growth.”
During his tenure Hassani has been responsible for solid operational and financial performances, a company-wide people and digital transformation and cement infrastructure and operations that are future-fit, efficient, and sustainable.
“Bamburi Cement saw consistent brand value in the region under Mr. Hassani’s leadership. He successfully guided the brand through the most unprecedented challenges confronting the cement manufacturing industries, resulting in strong performance following the pandemic crisis. We commend Mr. Hassani for his consistent leadership, experience, and valuable counsel to the Board of Directors, and wish him the best in his future endeavors,” said the Chair.
In addition, the firm’s Board of Directors has appointed two new Non-Executive Directors following the resignation of John Stull and Guillaume Dubreuil, effective March 31, 2023. Rajesh Surana and Sonal Shrivastava will take over as Non-Executive Directors on April 1 2023 (subject to regulatory approvals) and as Holcim Area Manager for East & South Africa and Chief Finance Officer for Asia, the Middle East, and Africa, respectively.
“The Board congratulates Mr. Surana and Ms. Shrivastava, who together bring a wealth of experience from leading various multinationals across different countries and roles. We thank Mr. Stull and Mr. Dubreuil for their service and wish them the very best in their future endeavours.” signed off Simba.
The group’s Turnover in H1 of 2022 hit $152 million, 2.6 percent above prior year H1 2021. This was driven by volume growth along with improved average selling price compared to prior year.
The firm said the first half of 2022 was challenging with operating profit reducing to $1.5 million from $8.9 million. Significant inflation of the fuel prices, logistics costs and imported clinker prices in both Kenya and Uganda adversely impacted the operating profit. This was also adversely impacted by forex losses of the Kenya shilling and Uganda shilling against other major currencies.
The profit before tax declined to $942, 000 from $8.4 million mainly influenced by lower operating profit.