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Nairobi: KenolKobil Declares 20% Increase In Profit After Tax

Nairobi: KenolKobil Declares 20% Increase In Profit After Tax

There was a revenue growth of 97% to SH 72.64 Billion

In the 1st half of 2017, KenolKobil’s profit after tax rose by 20% to Ksh 1,422 billion compared to the first half of 2016, despite a challenging foreign exchange environment.

An impressive revenue growth of 97% to SH 72.64 Billion was posted by the company; the main factors being increased prices of fuel in the international market and volume growth of 80% which was spread across all its business segments.

There was a 16% decline in finance cost from KSH 98 billion to Sh 82 billion, which Group Managing Director Mr. David Ohana attributed was due to “better inventory management strategies and a reduction in the level of borrowing.” Nevertheless, administration and operation costs grew significantly by 41% to SH 1.4 billion.

In the first half of 2017, a forex loss of Sh 25.6 million was recorded versus a forex gain of Sh 39.3 million. Depreciation of local currencies in Kenya and Burundi markets was cited as the reason for the forex hit. PWKD10102019

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