Total Kenya has announced a 38% rise in its Full Year 2016 net profit to Sh 2.2 Billion from Sh 1.6Billion on the back of a 28% decline in cost of sales to Sh 81.2 Billion.
However, sales dropped by 26% Sh 89 Billion mainly driven by the drop in prices of oil in the international marke.
Operating expenses increased by a slight margin (2%) to Sh 5.Billion. Total also noted that the stability of the Kenyan Shilling during the period led to a 93% decline in forex loss from Sh 320 Million to Sh 21.5 Million.
Other income grew by 26% as a result of increase in rental income with profit Before tax rising by 50% to Sh 3.9 Billion.
The company’s board declared a 37% increase in dividend to Sh 1.06 compared to Sh 0.77 in 2015 which will be paid to shareholders on the register as at 16th June 2017.