Phone: +254 20 2369563       Email: info@netfund.go.ke

NETFUND Logo
NETFUND Logo with GOK Coat of Arms

Careers     |     Tenders     |  Whistleblowing    |     Beneficiaries’ Portal

Beneficiaries
Corec Limited
Home / Project Financing / Our Beneficiaries / Corec Limited
COREC Limited

Quick Info

Tel:   +254 727 546 439

Email:  Oscar.aghan@gmail.com

Industry:  Waste Management

Funding Raised: Seeking and investment of KES. 50,000,000 to acquire a new tile line that will increase its production output

Funding Required: Seeking KES. 10M to scale up the production

Use of Proceeds:

  • Equipment and machinery
  • Business Expansion
  • Marketing

 

Revenue Forecast:

2018

2019

2020

84m

104m

129m

Number of Employees: 15

 Business Description

Continental Renewable Energy Co. Limited was founded in 2012 but began operations in 2013. It manufactures polymer and sand production formulation for the manufacture of roofing tiles, fencing posts & plastic lumber. Key products are COREC Resin roofing Tile and Fencing Posts.

Problem/Solution

Nairobi, the capital of Kenya, generates over 2650 metric tons of waste every day, 20 % of which is plastic. Over 70 % of the total waste is disposed of by crude dumping, ending up littering streets, in open fields and clogging sewer. The challenge that COREC seeks to addressthus is to reduce the amount of waste in landfills, curb deforestation rates, inadequate affordable housing, stem slum proliferation, and infrastructure vandalism. It does this through the development and provision of products made using mixed post-consumer waste blended with sand. These affordable products have a high quality and durability thus saving the builder on construction costs while giving them aesthetic products.

Products/Service

COREC produces high quality and durable resin bonded roofing tiles, Man Hole Covers, Plastic lumber Planks and Fencing poles/ posts. These products compare with the best in the industry. They are available in different colours to fit the client’s aesthetic needs. They are also affordable and durable. COREC also fabricates machines which are of numerous applications in polymer processing industries along with roto moulding machines.

Market

There is high demand for building products in Kenya. COREC is taking advantage of an emerging market opportunity to become a highly distinguished and recognized industry leader in the manufacture of composite building hardware using recycled plastic waste. It targets locals who include individual home builders, County government contractors, and private real estate developers. These are most viable potential customers for the commodity. The company seeks to promote its products and create a brand for itself in a highly growing and competitive real estate industry.

Competitive Landscape

Current key competitors include producers of concrete tiles, clay tiles and iron roofing sheets.

Business Model and Distribution Channels

Revenue is generated from the sale of the company’s four key products: fencing posts, lumber planks, roofing tiles and machine fabrication.

Traction to Date

  • Production capacity – recycling 560 tons of plastic waste annually
  • A five-year strategic financial plan
  • Established a customer base of 2,000 clients
  • Developed a product portfolio of relevant and quality products
  • Set up a production plant

Competitive Advantage

  • Environmentally friendly products
  • Project Management package
  • Quality products
  • Experience and expertise
  • Budget friendly

Management Team

  • Dr. Aghan Oscar – CEO
  • Dr. Torooti Mwirigi – Operations Director
  • Dr. Rose Kiura – Finance and Administration Director
  • Dr. Dennis Nturibi – Business Development and Marketing Director
  • Ihsmael Hezekiah – Administrator