Property developer Home Afrika Ltd has confirmed the appointment of Dan Awendo as its managing director.
Home Afrika Board of Directors Chairman Lee Karuri said Friday in a statement the appointment for a three year contract takes immediate effect.
Mr Awendo is expected to steer the listed developer back to profitability.
Home Afrika said recently its 2015 profit would be at least 25 per cent lower than the previous year, hurt by an increase in financing costs for its ongoing infrastructure projects.
The firm, which is listed on the Nairobi bourse’s segment for small firms, posted a 73 per cent drop in its 2014 first half year pre-tax profit, while its 2013 pre-tax earnings fell 22 per cent.
It, however, said it hopes to return to higher profitability this year after several of its projects begin paying off.