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Total Kenya swings back to full-year profit

04 April 2014, 11:50

Nairobi - Fuel marketer Total Kenya returned to profit last year, boosted by a reduction in financing expenses, the company said on Thursday.

The group made a full-year pretax profit of 2.1 billion shillings ($24.26 million), up from a pretax loss of 64 million shillings in 2012.

A stable macroeconomic environment and expected return on planned investments make the board "confident of a positive return in line with the growth strategy" this year, the company said.

Total Kenya, part of French oil major Total, reported that finance costs decreased by 1.28 billion shillings to 279 million shillings, helped by a 5.2 billion shilling injection from the Total group in 2012.

The company said it had won several contracts to supply the industry with refined products, helping to increase gross sales by 29 percent to 155 billion shillings.

Earnings per share rose to 2.08 shillings in 2013, reversing a loss per share of 0.32 shillings last year.

The company proposed an increased dividend of 0.60 shillings per share, against 0.20 shillings for 2012.

- Reuters


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