List Of Billionaires Who Control Kenya’s Cement Industry, Their Other Businesses
- Kenya's construction sector has boomed in recent months following the launch of the affordable housing programme
- However, Kenya's cement production decreased from 9,791.4 thousand tonnes in 2022 to 9,616.0 thousand tonnes in 2023
- Kenyan tycoon Narendra Raval of the Devki Group is the brains behind National Cement Company, which produces the Simba brand
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TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting and offers profound insights into Kenyan and global economic trends.
Kenya's construction sector registered a growth of 3% in 2023, down from 4.1% in 2022.
TABLE OF CONTENTS
What is Kenya's cement production?
The 2024 Economic Survey by the Kenya National Bureau of Statistics revealed that growth was mainly driven by government expenditures on the Affordable Housing Programme (AHP) countrywide.
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The report showed cement production decreased from 9,791.4 thousand tonnes in 2022 to 9,616.0 thousand tonnes in 2023, representing a 1.8% decline.
"The decelerated growth was evidenced by declines in key inputs in the construction industry such as cement consumption and the volume of imported iron and steel, cement clinkers and non-ferrous metals," the survey stated.
Following the launch of the housing programme, billionaires in the sector have reaped big.
Which billionaires control Kenya's cement industry?
1. Narendra Raval - Simba Cement
Kenyan tycoon Narendra Raval is the brains behind National Cement Company, which produces the Simba brand.
According to its website, it commenced production and supply of cement in 2010.
The factory's market share increased to 21% after it acquired ARM Africa PLC, the manufacturer of Rhino Cement, once the third-largest cement company in Kenya.
On April 8, 2024, Raval launched a new KSh 45 billion clinker plant in West Pokot county.
Raval is friends with President William Ruto and invited the president to grace the opening of his factory.
He said the president should rule the country for 25 years.
The Devki Group includes Devki Steel Mills Ltd and Simba Cement Uganda Ltd.
2. Rai family - Rai Cement
The Rai family is one of the richest in Kenya, with interests in agriculture, timber, cement, edible oils, real estate and horticulture.
The family's fortunes are traced to their patriarch, Tarlochan Singh Rai, who died on December 28, 2010, leaving his son Jaswant Rai as the chairman of the Rai Group and executor of his will.
Rai Cement was established in 2017 to serve customers in the North Rift, South Rift, Nyanza and Western regions. The cement manufacturer is located along the Kericho-Kisumu highway.
They have expanded their empire to Uganda and Tanzania, where they own Kanyara Sugar Works and Mufumbira Paper Mills.
The family rose to fame after acquiring the debt-ridden Pan Paper Mills in Webuye for KSh 900 million.
3. Hasmukh Patel - Mombasa Cement
Mombasa Cement Ltd is one of the largest cement companies in Kenya. It produces the Nyumba brand.
The factory was owned by the recently deceased businessman and philanthropist Hasmukh Patel.
It has an annual capacity of over 3.3 million metric tonnes.
4. East African Portland Cement - GoK, other shareholders
The East African Portland Cement initially imported cement for sale from England in the 1930s.
The government of Kenya owns a 52.3% stake in the company, while Lafarge SA's subsidiaries, Cementia Holdings, Associated International Cement, and Bamburi Cement, control a 41.7% stake.
Its flagship brand is Blue Triangle Cement.
5. Bamburi Cement
In July, Amsons Group issued a binding offer valued at $180 million (KSh 23.22 billion) to acquire a 100% stake in Kenya’s Bamburi Cement PLC from Holcim.
Holcim noted the sale aligns with its strategy to focus on innovative and sustainable building solutions and partner with.
Amsons Group is a family-owned business founded in 2006. Its annual turnover is over $1 billion (KSh 128.75 billion), and it has diversified investments in cement manufacturing and wheat flour milling, among other sectors.
Which Kenyan billionaires shun public limelight?
In other news, the Africa Wealth Report 2024 by Henley & Partners ranked Kenya fourth on the continent with 7,200 high-net-worth individuals.
Despite their vast wealth and influence, some Kenyan billionaires prefer to maintain a low profile, shunning the public limelight.
The Ndegwa brothers have shares in several companies, including NCBA Bank and First Chartered Securities.
Proofreading by Mercy Nyambura Guthua, journalist and copy editor at TUKO.co.ke
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Devki Group chairman Narendra Raval in his office.
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