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By Victor MUJIDU
NSE – listed paint maker, Crown Paints Kenya, and the subsidiary low-cost carrier of Kenya Airways (KQ), Jambojet, Thursday signed a deal to support the visually- impaired needy but bright learners.
The two firms announced a funding kitty (Kes2Million) as part of a scholarship program targeting students with special needs across selected learning institutions.
Read: Crown-paints-sign-stock-financial-deal-with-im-bank
“For the moment we have started with Sh1million and CSR is always working on a long-term partnership with Crown Paints so the money keeps on coming into the company,” said Crown Paints Chief executive Rakesh Rao.
Adding, “We are looking for creative children so that they can write and draw and already we have engaged in discussion with our marketing team looking forward to creating a budget for a scholarship program for the children.
Tough working environment
Crown Paints last February increased the price of its products by up to eight percent from April in the wake of a rise in the cost of shipping raw materials.
Chief executive Rakesh Rao said the cost of importing raw materials more than doubled to Sh567,800 ($5,000) per tonne from Sh227,140 ($2,000) before the outbreak of the Covid-19 pandemic.
The firm recorded a net profit of Kes731 Million in 2021 compared to Kes600 Million in 2020.
The movement of goods from the source markets countries has been disrupted by the ongoing war in Europe between Russia and Ukraine, affecting the supply chain of key freights.