ARM Cement slides into the ICU as industry woes deepen

Athi River Mining factory

?Cement maker Athi River Mining (ARM) has sunk into the worst financial hole in its history. The firm's health has deteriorated so fast in the last one year in what saw it plunge from Sh2.8 billion loss in 2016 to a massive Sh6.5 billion last year, its biggest loss in over a decade.

Its auditors, Deloitte & Touche refused to issue an opinion on their financial statements on grounds that they are not certain that the company will still be in existence in the next one year, what accountants refer to as a going concern.