Browsing: EAPCC

East African Portland Cement to lay off all its staff to curb losses

Africa

The East African Portland Cement Company has announced its move to retrench its entire staff this month.

The firm said in a memo that was seen by The Exchange that in the last three years, the company’s market share has drastically reduced.

“Company Currently, the company suffers daily losses of up to 8 million shillings.” Read a memo from the firm signed by the Acting Managing Director Mr Stephen Nthei.

The firm has been posting poor performance in the recent past and the competition has eaten into its market share and subsequent profitability.

“This may be attributed to many reasons, key among them being increased competition and inadequate working capital. Further, the company’s old and dilapidated plant and machinery require resources to modernise so as to provide the institution a competitive advantage. These basic challenges touch on the company’s ability to meet crucial performance indicators including staff costs.” The memo …