Sierra Cables East Africa launches bid for supply contracts to power agencies

By professo

The Sri Lankan cables firm based in Nairobi, Sierra Cables East Africa, has launched a bid to supply electricity cables to power agencies.

The bid for contracts is targeted at two state-owned companies, Kenya Power and Rural Electricity Authority (REA).

The firm has increased its production, reaching 24 hours, in order to meet demand from the agencies. Sierra Cables East Africa also aims for sales and earnings growth.

“We are currently running production on a 24-hour basis for purposes of meeting outstanding orders,” Ruwan Fernando, CEO of Sierra Cables East Africa, informed Business Daily.

SEE ALSO:

“We are banking on the new order from utility companies and independent power producers in Kenya and East Africa to grow the company’s revenue and eventually turn into a profit making position.”

“In the year ended 2018 Sierra Cables PLC gave Sierra Cables EA an additional capital injection of Sh50 million in the form of equity for purposes of purchasing raw materials, majorly aluminum, to facilitate the production process.”

The company received Sh30mn (US$297,715) from its parent firm, Sidian Bank, in order to increase operations.

“We are currently at 80 per cent towards satisfying the orders that were outstanding as at December 31, and projecting to complete the 20 per cent by end of January 2019,” Fernando added.

Share

Featured Articles

Colliers MENA CEO Raja Alameddine on leadership and strategy

As the just appointed CEO of Colliers MENA, real estate veteran Raja Alameddine talks strategy, leadership style, and skills critical for today’s C-Suite

Top 10 outsourcing companies in the world

The Time Doctor OA500 index – compiled by Time Doctor and Outsource Accelerator – has ranked the biggest outsourcing providers in the world

Red Sea Global: Building sustainable tourism in Saudi Arabia

Luxury property developer Red Sea Global is transforming Saudi Arabia into an incredible, sustainable tourism destination. We speak to the CEO John Pagano

Leena Nair – from Unilever people pioneer to CEO of Chanel

Leadership & Strategy

Top 10 female CEOs of the Fortune Global 500

Leadership & Strategy

UAE cyber leaders told to go on the attack against hackers

Technology