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PORT — East African Portland Cement PLC

Graham's number is √(22.5 × EPS × BVPS): a P/E ceiling of 15 times a P/B ceiling of 1.5, applied to one year's earnings and book value. The Graham number primer works through it. It is a computation, not a recommendation.

Tests: Graham's criteria for industrial companies. East African Portland Cement makes and sells cement and paving blocks from its Athi River works, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. Per-share figures rest on the 90,000,000 ordinary shares of KShs 5 in issue, which reconcile with the share capital of 450,000k and with the printed earnings per share against profit for the year. The profile holds one year: the company's last published accounts are for the year ended 30 Jun 2025, announced on 18 Jun 2026, and neither a half year to 31 Dec 2025 nor the year to 30 Jun 2026 had been filed with the NSE or posted on eastafricanportland.com by 25 Sep 2026. Most of the year's profit before tax of 5,531,597k is a fair value gain on investment property of 3,896,215k; a further 10,999,201k revaluation surplus on property, plant and equipment went through other comprehensive income. Current liabilities exceeded current assets by 3,782m at the year end (2024: 5,991m), a gap the directors address in their going-concern note.

year to 30 Jun 2025

Showing FY2025

√(22.5 × 61.39 × 373.76) = 718.52

The Graham number for FY2025, from that year's EPS and BVPS. Tap a figure below for its source and date.

Discount to Graham number: +89.5% at the results-day price of 75.50. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS)
61.39

basic and diluted; profit for the year 5,525,310k over 90,000 thousand ordinary shares (2024: 1,156,554k and 12.85). The statement of profit or loss prints the 2024 comparative as 12.79 while note 13 prints 12.85; 1,156,554k ÷ 90,000k gives 12.85 · basic · Annual Report and Financial Statements for the Year ended 30 June 2025, note 13 (p.96) and statement of profit or loss and other comprehensive income (p.72) · 18 Jun 2026

Book value (BVPS)
373.76

share capital 450,000k, share premium 648,000k, asset revaluation reserves 7,803,376k, retained earnings 24,352,354k and other reserves 384,256k; no non-controlling interests, and the recommended dividend is not carried as a liability at the year end · attributable · computed: total equity 33,637,986k ÷ 90,000,000 shares, Annual Report and Financial Statements for the Year ended 30 June 2025, statement of financial position (p.73) and share capital note 22(a) (p.102) · 18 Jun 2026

Dividend (DPS)
1.25

first and final dividend recommended by the directors for the year ended 30 Jun 2025, to shareholders on the register at the close of business on 31 Dec 2025 and payable on or about 30 Sep 2026 if approved at the 93rd annual general meeting on 7 Aug 2026 · Announcement of the audited results for the year ended 30th June 2025, dividends; Annual Report and Financial Statements for the Year ended 30 June 2025, notice and agenda of AGM (p.41) · 18 Jun 2026

Price on results day
75.50

NSE daily price list VWAP, the exchange's official end-of-day price, on the date printed on the results announcement. The announcement is dated 18 Jun 2026 by order of the board; the financial statements themselves had been approved for issue by the directors on 24 Oct 2025, eight months before the market was told · NSE daily price list 2026-06-18, p.1 · 18 Jun 2026

Size and balance sheet (KES m)

Revenue
7,083.6

revenue from the sale of cement and paving blocks, up from 3,279.1m in 2024; gross profit was 1,043.4m against a gross loss of 777.5m · Annual Report and Financial Statements for the Year ended 30 June 2025, statement of profit or loss and other comprehensive income (p.72) · 18 Jun 2026

Current assets
7,651.0

assets held for sale 2,386.3m, trade and other receivables 2,097.7m, inventories 2,109.1m, cash and cash equivalents 683.8m, due from related parties 354.3m and current income tax 19.8m · Annual Report and Financial Statements for the Year ended 30 June 2025, statement of financial position (p.73) · 18 Jun 2026

Current liabilities
11,432.6

trade and other payables 11,092.5m, post-employment benefit obligations 235.4m, dividends payable 101.7m and lease liabilities 3.0m · Annual Report and Financial Statements for the Year ended 30 June 2025, statement of financial position (p.73) · 18 Jun 2026

Long-term debt
1,942.9

non-current borrowings as broken out: the government debt of 1,942,945,497 arising from the defaulted Overseas Economic Co-operation Fund of Japan loan the Treasury took over as guarantor, with no current portion. The rest of the 5,242.7m non-current block is a deferred tax liability of 3,299.8m raised on the revaluation surplus · Annual Report and Financial Statements for the Year ended 30 June 2025, borrowings note 24 (p.104) and statement of financial position (p.73) · 18 Jun 2026

KES per US$
129.55

CBK daily exchange rates (mean) · 18 Jun 2026

Computed

EPS, three-year average
Not compiled
P/E on three-year EPS
Not compiled
P/B
0.20

computed: price ÷ BVPS · 18 Jun 2026

Dividend yield
1.7%

computed: DPS ÷ price · 18 Jun 2026

Current ratio
0.67

computed: current assets ÷ current liabilities · 18 Jun 2026

Price ÷ Graham number
0.11×

computed: price ÷ Graham number · 18 Jun 2026

Discount to Graham number
+89.5%

computed: (Graham number − price) ÷ Graham number · 18 Jun 2026

Graham's tests

  1. Adequate size

    Revenue of at least US$100m

    Not met
  2. Financial strength

    Current ratio of at least 2; long-term debt no more than working capital

    Not met
  3. Earnings stability

    Positive EPS in each of the past 10 years

    No result: data not compiled
  4. Dividend record

    A dividend paid in each of the past 20 years

    No result: data not compiled
  5. Earnings growth

    EPS up at least one-third over 10 years, on three-year averages

    No result: data not compiled
  6. Moderate P/E

    Price no more than 15 × three-year average EPS

    No result: data not compiled
  7. Moderate P/B

    Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5

    Met

Sources and notes

  • Earnings (EPS): basic · Annual Report and Financial Statements for the Year ended 30 June 2025, note 13 (p.96) and statement of profit or loss and other comprehensive income (p.72) · 18 Jun 2026 (basic and diluted; profit for the year 5,525,310k over 90,000 thousand ordinary shares (2024: 1,156,554k and 12.85). The statement of profit or loss prints the 2024 comparative as 12.79 while note 13 prints 12.85; 1,156,554k ÷ 90,000k gives 12.85)
  • Book value (BVPS): attributable · computed: total equity 33,637,986k ÷ 90,000,000 shares, Annual Report and Financial Statements for the Year ended 30 June 2025, statement of financial position (p.73) and share capital note 22(a) (p.102) · 18 Jun 2026 (share capital 450,000k, share premium 648,000k, asset revaluation reserves 7,803,376k, retained earnings 24,352,354k and other reserves 384,256k; no non-controlling interests, and the recommended dividend is not carried as a liability at the year end)
  • Dividend (DPS): Announcement of the audited results for the year ended 30th June 2025, dividends; Annual Report and Financial Statements for the Year ended 30 June 2025, notice and agenda of AGM (p.41) · 18 Jun 2026 (first and final dividend recommended by the directors for the year ended 30 Jun 2025, to shareholders on the register at the close of business on 31 Dec 2025 and payable on or about 30 Sep 2026 if approved at the 93rd annual general meeting on 7 Aug 2026)
  • Price on results day: NSE daily price list 2026-06-18, p.1 · 18 Jun 2026 (NSE daily price list VWAP, the exchange's official end-of-day price, on the date printed on the results announcement. The announcement is dated 18 Jun 2026 by order of the board; the financial statements themselves had been approved for issue by the directors on 24 Oct 2025, eight months before the market was told)
  • Revenue: Annual Report and Financial Statements for the Year ended 30 June 2025, statement of profit or loss and other comprehensive income (p.72) · 18 Jun 2026 (revenue from the sale of cement and paving blocks, up from 3,279.1m in 2024; gross profit was 1,043.4m against a gross loss of 777.5m)
  • Current assets: Annual Report and Financial Statements for the Year ended 30 June 2025, statement of financial position (p.73) · 18 Jun 2026 (assets held for sale 2,386.3m, trade and other receivables 2,097.7m, inventories 2,109.1m, cash and cash equivalents 683.8m, due from related parties 354.3m and current income tax 19.8m)
  • Current liabilities: Annual Report and Financial Statements for the Year ended 30 June 2025, statement of financial position (p.73) · 18 Jun 2026 (trade and other payables 11,092.5m, post-employment benefit obligations 235.4m, dividends payable 101.7m and lease liabilities 3.0m)
  • Long-term debt: Annual Report and Financial Statements for the Year ended 30 June 2025, borrowings note 24 (p.104) and statement of financial position (p.73) · 18 Jun 2026 (non-current borrowings as broken out: the government debt of 1,942,945,497 arising from the defaulted Overseas Economic Co-operation Fund of Japan loan the Treasury took over as guarantor, with no current portion. The rest of the 5,242.7m non-current block is a deferred tax liability of 3,299.8m raised on the revaluation surplus)
  • KES per US$: CBK daily exchange rates (mean) · 18 Jun 2026

Disclaimer: This profile is published for educational purposes only and does not constitute financial advice. It presents reported company data and arithmetic derived from it — not a recommendation to buy, hold or sell. Investing in securities involves risk, including the possible loss of principal. Readers should conduct their own research and consult with a qualified financial advisor before making investment decisions.

Profile compiled 2026-09-25 from East African Portland Cement announcement of the audited results for the year ended 30th June 2025, dated 18 Jun 2026 (issuer filing hosted by NSE, nse.co.ke), and the Annual Report and Financial Statements for the Year ended 30 June 2025, audited by the Auditor-General and approved by the board on 24 Oct 2025 (eastafricanportland.com), with NSE daily price lists (nse.co.ke) and CBK daily exchange rates (centralbank.go.ke); primary sources only.