Muhoho Kenyatta joins Uganda Clays

Jun 01, 2003

MUHOHO Kenyatta, son of Kenya’s first president, Jomo Kenyatta, has joined the board of Uganda Clays Limited (UCL). At the same time, the building materials supplier reported on Friday an operating profit of sh1.1b and a net profit of sh630m

By Mikaili Sseppuya

MUHOHO Kenyatta, son of Kenya’s first president, Jomo Kenyatta, has joined the board of Uganda Clays Limited (UCL). At the same time, the building materials supplier reported on Friday an operating profit of sh1.1b and a net profit of sh630m

The Chairman of the Board, Engineer John Ssenfuma, gave the figures during UCL’s Annual General Meeting held at the Uganda Manufacturers Association (UMA) Conference Hall.

He said the latest results represent a 170% growth in the operating profit and a much greater increase in the net profit from the sh126m in 2001. Shareholders would be getting sh1000 dividends per share compared to sh600 the previous year.

“The results show that Ugandans who run the company, are quite capable. Not as some would have us believe Ugandans are always sick, corrupt and other such negative attributes.

“Our auditors are believable and would not cook the results to give UCL the good report the shareholders have had. In fact banks and the National Social Security Fund (NSSF) tell us the money is there if we want to borrow,” he said. NSSF is a major shareholder.

John Wafula, the Chief Executive Officer welcomed Kenyatta to the board. Muhoho is representing Kenya Clay Products, along with Bruno Giachino.

Wafula said: “We used to wave at the (presidential) convoy from a distance long ago when we were still at university in Nairobi. Kenyatta being on the board is good neighbourliness spirit” he said. The Kenyattas have considerable business interests, including Brookside Dairy.

Kenyatta joins Martin Bandebire, Dr. Eve Kasirye Alemu, Andrew Ssemwanga and Lyelmoi Ongaba.

UCL was the first local company to be listed on the Uganda Securities Exchange (USE).

The company, which is based at Kajjansi on Entebbe road, has been reporting improving figures since being fully privatised.

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