East African Cables on Wednesday announced the appointment of Julius Waita Mwatu as a NonExecutive, Independent Director to fill a casual vacancy.
In a statement sent to newsrooms, the East African Cables board cited the vast experience Waita brings on board gained from the private sector, public sector, non-profit, and donor-funded agencies as a reason for enlisting his services.
Julius is a Fellow of the Institute of Certified Public Accountants of Kenya (ICPAK) and the immediate former Chairman of ICPAK.
He is also a member of the Institute of Certified Secretaries (ICS) and a Member of the Institute of Certified Investment & Financial Analysts (ICIFA).
During his tenure at ICPAK, he was also a council member of the International Federation of Accountants (IFAC) and a board member of the Pan-African Federation of Accountants (PAFA).
He sits on various boards including the Kenya Institute of Curriculum Development (KICD), Kenya Accountants & Secretaries National Examinations Board (KASNEB), Academic Services Limited, County Government of Narok, and Film Aid Kenya.
He is also the Managing Partner of CPJ and Associates (CPA-K).
Julius holds a Bachelor of Science Degree in Statistics from Egerton University and a Master’s Degree in Business Administration (Finance) from the United States International University (USIU) Africa.
“The Chairman and Board of East African Cables Plc is delighted to welcome Julius to the Board,” read the statement issued by Company Secretary Virginia Ndunge.
Profit Warning
The appointment also came on a day the company issued a profit warning indicating that its earnings for the full year ended December 31, 2020, would be 25% lower than at the same period last year.
“This is primarily due to the one-off writeback that was recorded as other income in the financial year ended December 31, 2019. While group revenues are projected to grow 10% year on year, the impact of COVID-19 on the economy reduced the chances for a more aggressive top-line growth to match prior year performance,” the company said in a separate statement.
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