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[August 29, 2014]
Total profit rise 36.9pc to Sh631m [Nation (Kenya)]
(Nation (Kenya) Via Acquire Media NewsEdge) Total Kenya's net profit for the half year to June rose to Sh631 million on the back of increased sales to other oil marketers.
The company attributed the 36.9 per cent jump in profits to supply contracts Total won under Open Tender System (OTS), a central oil procurement plan for the industry that is managed by the ministry of Energy.
The contracts increased sales volumes by 37 per cent and resulted to a rise in the value of sales to Sh90 billion compared to Sh65 billion worth of sales recorded during a similar period last year.
"This (increase in sales volumes) resulted from the increased sales to other oil marketing companies after the company continued to win contracts to supply the industry with refined products under the open tender system agreement," read the company statement released on Friday.
FOREIGN EXCHANGE The oil marketer's profitability during the period under review was also supported by a 8.4 per cent reduction in financing costs to Sh141 million and a drop in foreign exchange losses to Sh42 million from Sh67 million recorded last year.
Total is banking on continued participation in OTS to increase profitability in the second half of the year.
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