TotalEnergies Marketing Kenya Plc recorded a half-year Net Profit of KSh 822.6 Million at the end of the six-month period ended 30th June 2023 compared to KSh 795.6 Million in HY 2022, an increase of 3.4%.
According to TotalEnergies’ unaudited financial results for HY 2023, Gross Profit increased from KSh 4 Billion to KSh 5 Billion during the period under review.
Net foreign exchange losses widened substantially from KSh 48.3 million in HY 2022 to KSh 467.9 Million at the end of the first six months of this year.
Earnings per Share increased to KSh 1.31 in HY 2023 from KSh 1.26 in HY 2022. TotalEnergies recorded an increase in gross sales from KSh 65.4 Billion to KSh 74.6 Billion in HY 2023.
Similar to other multinationals in Kenya, TotalEnergies suffered the effects of a depreciating Kenya Shilling against the US Dollar, leading to huge forex losses. This is in addition to a rise in local pump prices and inflation, which put pressure on consumer spending as well as the firm’s working capital requirements.
TotalEnergies was negatively impacted by a weakening Kenya Shilling which pushed up the cost of imported goods and services. Finance costs were up to KSh 396 Million compared to KSh 149 Million in HY 2022 as a result of an increase in working capital requirements emanating from outstanding Government fuel subsidies.
The listed oil dealer saw its Balance Sheet size shrink to KSh 60.9 Billion in HY 2023 from KSh 73 Billion over a similar period in 2022.
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