TotalEnergies Marketing Kenya Plc posted a Net Profit of KSh 2.7 Billion at the close of financial year ended 31st December 2021, down from KSh 3.3 Billion over a similar period in 2020.
The listed oil marketer’s Gross Sales increased to KSh 110.2 Billion in 2021 from KSh 97.4 Billion in 2020, while its Balance Sheet size grew to KSh 47 Billion in 2021 from KSh 43 Billion in 2020.
TotalEnergies inventories worth increased to KSh 7.7 Billion in 2021 from KSh 6.4 Billion in 2020, while it incurred huge rebranding costs linked to change of name to TotalEnergies.
Directors of TotalEnergies Marketing Kenya said a rise in global oil prices in 2021 increased the firm’s working capital requirements.
Thus, the firm incurred a net financial loss of KSh 66 Million in 2021 compared to a Net Income of KSh 86 Million.
In its outlook, the firm warns that the business environment remains challenging due to uncertainty of global fuel prices and inherent risks in commodity demand and supply.
TotalEnergies Directors recommend payment of a first and final dividend of KSh 1.31 per share in 2021 compared to KSh 1.57 in 2020, payable on or around 30th July 2022.
The firm will virtually hold its 68th Annual General Meeting(AGM) on 24th June 2022.
The Share register will be closed on 24th June 2022 for purposes of dividend calculation.
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