Sony Sugar Company's newly appointed managing director Martin Ogola has pledged to revamp the troubled miller to a productive and profitable firm.
The company has been grappling with a financial crisis, including huge debts, for years.
He said the financial struggles have made it difficult for the company to make profit and list its shares in the Nairobi Stock Exchange.
Ogola, who is a career banker, expects to turn around the miller and steer it to greater heights.
“We are focusing on clearing all pending arrears owed to farmers and suppliers to clean our books first.”
The MD lauded the government for writing off huge debts in the sugar sector, which is a relief to state-owned millers.
“As a company, we are now focusing on dealing with daily accruing farmers, transporters and suppliers’ debts to ease our way,” Ogola said.
The debts run into millions of shillings. Last week, cane transporters demanded payments of their arrears.
“We will be able to increase our revenue and achieve sustainable growth in the near future if we can clear all our debts,’’ he said.
Ogola said they will adopt strategic approaches to help the company maximise its profit streams in order to thrive in the current competitive sugar industry.
The strategy will be to strengthen their presence in the current dynamic sugar markets.
“We have to continue growing more cane to ensure availability of raw materials for production. We have to be realistic to grow. "
Optimising profitability requires collective responsibility and stakeholders should embrace cutting-edge technologies and expand the scope of services offered.
But they also need more funds and cost effective production to expand.
“We need to invest in a new high maturing cane variety,’’ he added.
Ogola will lead the management team in achieving the company's set goals and objectives as guided by the Board of Directors, chaired by Jared Kopiyo
Three previous MDs Bernard Otieno, Stephen Ligawa, and James Oluoch, held the position in an acting capacity.
Kopiyo appealed to farmers to supply the company with cane, pledging to rally board members to see the company achieve greater heights of success.
