Total Kenya records Sh2.62bn pre-tax profit

March 31, 2016
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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.”

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