East African Cables H1 net profit rises 59% y/y on lower metal prices.

By bne IntelliNews July 25, 2012
Kenyan electric cable maker East African Cables (EAC) posted a net profit of KES 274mn (EUR 2.7mn) for the first half of 2012, up 59% y/y, as lower raw material prices offset a 4.1% decline in revenues. EAC recorded KES 2.25bn in revenues for H1 2012, compared to KES 2.35bn a year earlier. "The growth in earnings was driven by the group's ongoing strategy to focus on export markets and new products, which had a significant impact on our performance and will be a significant driver to growth going forward," EAC said in a statement. Its operating costs fell 9.4% y/y to KES 2.03bn in H1 2012. The company declared no interim dividend this year, while it paid a dividend of KES 0.30 per share for H1 2011. EAC, which is listed on the Nairobi Securities Exchange, is majority-owned by Kenyan infrastructure firm TransCentury.
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