TotalEnergies Marketing Kenya Plc’s net profit increased to KSh 3.02 billion in 2023 from KSh 2.44 billion in 2022 despite a decline in global oil and gas prices and a weakening Kenya Shilling against the US Dollar as sharp increases in local fuel pump prices.
- •TotalEnergies Kenya suffered foreign exchange losses of KSh 385 million in 2023 compared to KSh 147 million in 2022, attributable to depreciation of the local currency in 2023.
- •TotalEnergies Kenya’s balance sheet size grew to KSh 75.32 billion in 2023 compared to KSh 73.04 billion in 2022.
- •Gross profit rose to KSh 12.8 billion compared to KSh 9.6 billion in 2022 as a result of a lower lag in price adjustment compared to the previous year.
Other income increased to KSh 2.1 billion in 2023 compared to KSh 1.6 billion in 2022 as the oil marketer got more revenue from diversified investments in shops, food, and services as well as income from partnerships with third parties in 2023.
TotalEnergies Kenya’s operating expenses increased to KSh 8 billion from KSh 7.1 billion in 2022 due to a rise in inflation which hit its costs as well as the forex impact on imported goods and services due to a weakening Kenya Shilling exchange rate against the US Dollar.
The Oil Marketer also saw its net finance costs increase significantly to KSh 2.32 billion in 2023 from KSh 920 million as a result of high working capital requirements coupled with an increased cost of borrowing.
Directors of Total Energies Kenya recommend payment of a first and final dividend of KSh 1.92 per share for the year ended 31 December 2023 compared to KSh 1.31 in 2022, payable on 31 July 2024, subject to shareholders’ approval at the 70th Annual General Meeting (AGM).
The 70th AGM will be held via electronic means on 27th June 2024.
ALSO READ: TotalEnergies Kenya HY 2023 Net Profit Up 3.4% to KSh 822.6M
