Portland Cement in fresh round of employee layoffs
Friday, May 29, 2020 0:01
By JOHN MUTUA
EAPCC acting managing director Stephen Nthei.
FILE PHOTO | NMG
East African Portland Cement Company (EAPCC) #ticker:PORT has announced further job cuts through a voluntary retirement scheme that targets all employees in the wake of Covid-19 related hardships.
EAPCC in its half-year report for the period ended December last year disclosed that it spent Sh281.9 million to pay off the sacked employees.
The cement maker’s staff costs stood at Sh4 billion last year, meaning that employee expenses consumed 80 percent of its sales.
The cement maker’s sales have declined sharply over the years from Sh9 billion in the period ended June 2014 to Sh5 billion in 2018 in a period that has seen rivals eat into the company’s market share, which currently stands at 11 percent, down from about 30 percent a decade ago.
