East African Portland Cement PLC

East African Portland Cement PLC is a Kenyan cement manufacturer listed on the Nairobi Securities Exchange, producing clinker and cement products for the construction materials sector. The company underwent a severe financial distress period through FY2020-2024, reporting negative gross profit and operating losses in most years as production costs outpaced revenue amid plant underutilization, high energy costs, and competitive pressure from lower-cost producers. A large Investment Property portfolio (idle/surplus land) has been a key balance sheet asset, with periodic fair value adjustments and disposals used to support liquidity and partially offset operating losses in the income statement. FY2025 marked a sharp turnaround, with the company returning to positive gross profit and EBIT, alongside a large increase in Property, Plant & Equipment (likely reflecting a revaluation) and Assets Held for Sale balances appearing in FY2024/2025 tied to non-core asset disposal plans as part of the company's financial restructuring efforts.