A Total outlet (Photo Courtesy) By James Wanzala
Total Kenya has announced today an increase of 23 percent in profit after tax of Sh2.74 billion for the year ended December 31, 2017. The rise in profit after tax was attributed to growth in sales volumes, venturing in non-fuel activities, effective cash management, sustained operational efficiency and prudent cost management.
ALSO READ: Bamburi net profit tumbles by Sh3.9b
"The financial performance for the year has resulted from the strategies put in place by management to grow the business in all segments, effective management of working capital requirements, costs, cash, and investments in safety and profitable business ventures," said Total Kenya’s Managing Director Anne-Solange Renouard.
The NSE listed firm said its assets increased from Sh36.18 billion in 2016 to Sh38.01 billion last year. "The company continued to invest substantially to tap the emerging business opportunities and enhance safety operations." The development in sales volumes coupled with an upward trend in international oil prices led to an increase of 25 percent in net sales.
The gross margins increased by 5 per cent from Sh7.85 billion in 2016 to Sh 8.25 billion last year. Avoid fake news! Subscribe to the Standard SMS service and receive factual, verified breaking news as it happens. Text the word 'NEWS' to 22840 The Managing Director further said that other income increased by Sh131 million as a result of management’s pursued strategy of development in non-fuel activities.
"As a key objective set by management, operating expenses were closely managed and were controlled within inflation. Net finance income doubled resulting from effective cash management and positive cash position in Kenya shilling," Renouard said.
No comments :
Post a Comment