Energy company Total Kenya recorded an 18 per cent drop in net profit to earn KSh2.3 billion from KSh2.7 billion earned in 2017. The company blamed volatile international oil prices for poor earnings. Reduced sales revenue, higher operating costs, and higher finance costs also hurt the firm’s overall profit.
The firm’s gross sales dropped slightly from KSh137 billion to KSh136.7 billion. On the other hand, its expenses went up by 8 percent to reach KSh5.8 billion. The company’s cash asset shot up by 138 percent from Ksh2.8 billion to KSh6.7 billion leading to a total assets growth of 3 percent.
Total is ranked third in terms of market share after Kenol Kobil, and Vivo energy. In 2018, the energy firm made major board changes by appointing a new chairman and managing director in the last quarter of the year.
Its board members expressed optimism about the company’s future performance. They declared a KSh1.30 dividend per share subject to investors’ approval.
