Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
In a statement, Total said that the good results were in spite of volatility in international oil prices and depreciation of the local currency against the US dollar/FILE

Kenya

Total Kenya records Sh2.62bn pre-tax profit

In a statement, Total said that the good results were in spite of volatility in international oil prices and depreciation of the local currency against the US dollar/FILE

In a statement, Total said that the good results were in spite of volatility in international oil prices and depreciation of the local currency against the US dollar/FILE

NAIROBI, Kenya, Mar 31 – Total Kenya Limited has announced a Sh2.62 billion profit before tax for the year ended 2015 up from 2014’s Sh2.28bilion.

Its total assets grew by Sh1.68 billion to reach Sh34.2 billion.

In a statement, Total said that the good results were in spite of volatility in international oil prices and depreciation of the local currency against the US dollar.

“This good performance is attributed to efforts and action plans set by management to develop the business, manage working capital requirements, optimize costs and investments in safety and profitable channels,” Total Kenya Managing Director Anne-Solange Renouard said.

The company marked an 8 percent increase in its operating expenses to Sh365 million which was attributed to the increase in depreciation and the impact of inflation on the cost of goods and services.

Revenue was 22.5 percent lower than the previous year at Sh120.3 billion.

The company however suffered forex loss of Sh320 million owing to the depreciation of the shilling against the US dollar. Lower global crude oil prices were the key drivers of the 22 percent decrease of the company’s net sales.

The board of directors recommended the payment of the first and final dividend of Sh0.77 per share for the period under review payable to shareholders in the register as of 10 June 2016.

Going forward, Renouard said that the economic environment and petroleum market is expected to remain relatively stable this year.

“It is on this that the company is at a very good position to take advantage of profitable opportunities and continue to perform well in line with the growth strategy.”

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...