KAMPALA – Mr George Inholo has launched an impassioned defence of his six-year tenure at Uganda Clays Ltd, saying that he did his part in trying to keep the beleaguered government company afloat amid rising debts.
Speaking in an interview on Wednesday, a day after he was shown the exit by the Uganda Clays Ltd Board, Mr Inholo said he has left the company in a better position.
“I think I have done my part. The company’s gross margins have improved, our image has also improved. I have strong belief that the company will make a profit for the period ended December 31, 2019,” he said.
Mr Inholo, who took over Uganda Clays Ltd as managing director in 2014, having been at Unilever, was on Monday relieved of his duties “over failure to deliver and turn around the company and the results were not coming out properly,” according to Martin Kasekende, the Uganda Clays chairman.
“We have stalled in growth and there is a lot of competition as we speak. We must up our game and get a team that can challenge what is going on and improve on shareholder value,” Mr Kasekende is quoted as saying by Daily Monitor in an interview.
Mr Inholo had replaced Mr Charles Rubaijaniza, the Company Secretary turned managing director, who served from November 2010 to April 2013 when he was apparently made to resign as pressure for better results mounted.
But Inholo, who has over 28 years of work experience, insisted that his reputation has remained intact in the face of the challenges.
“Change is a factor of life. I knew at some point I would definitely leave but I am not taking anything personal,” he added.
Inholo inherited a highly indebted Uganda Clays and worked to return it to profitability in 2016, which led to payment of dividends to its shareholders. However, the streak was short lived as the clay manufacturer tumbled back into losses in 2019. The losses were in spite of the increase in revenue which was thereafter affected by an increase in overhead costs.