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NAIROBI, KENYA, JAN 19 — Regional paint manufacturer, Crown Paints, has exuded confidence in an improved performance despite the country witnessing a prolonged electioneering period last year that witnessed a slump in the economic growth.
The listed company Chief Executive Officer Rakesh Rao who was outlining the firm’s 2018 strategy said the construction sector was one of the hardest hit last year realizing only seven to to 8 per cent growth, though he was buoyant that the sector would bounce back in the next two years to register full potential and boost the firm’s earnings.
The CEO said product innovation will continue to be the firm’s main priority while focusing more on niche markets as it seeks to improve its market share to 65 per cent from 60 per cent in the premium sector.
Last year, Crown Paints reported a 51.6 per cent jump in half year earnings recording a Ksh 60.4million net profit.
Rao said the company plans to launch a major campaign drive to educate and connect with the painters’ fraternity, as a way of establishing a long-term partnership that will improve the market needs and increase demand for its products.
“We also intend to offer many new value added services for homes by engaging with customers for research in order to develop products and services that meet and even exceed customer expectations, to grow this segment of our business”, Rao added.
He also mentioned that Crown will be introducing paints for the low cost housing sector to support the growth of the sector.
The company plans to offer these products at a lower price than prevailing products in the market.
The Nairobi Security Exchange listed firm also intends to promote women entrepreneurship programme, by empowering women in the areas of painting and interior designs as part of its strategy to increase brand loyalty and value add services.
Since 2014, the firm has been proactive in launching innovative products that meet the market demand as part of its strategy to wade off competition and further drive growth in revenues and company’s overall profitability.