East African Portland Cement Company to Delay Financials on Absence of Auditor-General

East African Portland Cement Offers Staff Voluntary Early Retirement

Limestone Quarry SOURCE @EAPC

Cash-strapped East African Portland Cement Company (NSE:PORT),  has said publication of its audited financial statements for the year ended June 30 2019 will be delayed.  

Sheila Kahuki, the Company Secretary in a statement said this is attributed to the delay in appointing a new Auditor General which was expected to end in November. The Auditor-General is responsible for certifying the financial statements before they can be made public. 

“Indications were that the process would be finalized in time to enable publishing of the financial statements by 30th Nov. 2019. However, we have advised that this date is not feasible,” she said.

The State-owned company had been granted an extension by the Capital Markets Authority (CMA) to release the results by November 30.

In March, the cement company issued a profit warning for its full-year earnings compared to the year ended 30th June 2018 on increased input prices, a sluggish market as well as production challenges arising from a tight working capital position.

KenGen and Kenya Power had also notified shareholders that its financial statements would be delayed on the same grounds.