Low international oil prices help Total Kenya record Sh1.56Bn pre-tax profit for first half of 2016

Total Kenya Limited has announced a pre-tax profit of Sh1.56 billion for the half year period ended June 30, 2016 mainly attributed to low international oil prices witnessed during the period under review.

This represents a 37 per cent growth compared to similar period in 2015, where the firm posted a pre-tax profit of Sh1.13 billion.

Maurice K’Anjejo, the firm’s Cooperate Affairs Manager attributes the growth to the efforts and action plans set in place by the management and the Board of Directors last year.

He said that during the period under review, international oil prices sunk thus decreasing net sales by over 30 per cent, helping the firm record a 16 per cent growth in margins to hit Sh3.6 billion compared to Sh3.1 billion the year before.

Ann Solange, Renouard Managing Director says operating expenses were contained in line with the management’s expectations.

“Net finance income of Sh76 million for the period under review is as a result of working capital resulting in positive cash position of Kenyans currency,” she said.

Net profit for the period was Sh718 million where the firm contributed close to Sh845 million in tax charge during the period under review.

The company is optimistic that an improved micro economic environment resulting from lesser volatility of fuel prices both locally and internationally, as well as the stability of local currency experienced in first half of the year would be maintained in this second half of the year.

“It is on this premise that the board is confident that the company will continue registering good performance for the remaining period of the year,” the firm said in a statement.

 

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