Oil marketer and distributor, TotalEnergies Kenya has reported a 50% improvement in the half-year profit for the period that ended on 30th June 2021. The company’s net profit jumped to KSh1.7 billion at the end of the first half of this year, from KSh1.1 billion at the end of the first half of 2020.
TotalEnergies attributes the good performance to the economic recovery witnessed in Kenya in the first half of this year. The company also reported an increase in sales revenue, diversified its revenue streams, and controlled its fixed costs.
Net sales jumped by 10% to KSh34.5 billion at the end of June 2021, from KSh31.5 billion in June 2020. Its operating expenses remained relatively unchanged at KSh3.13 billion compared to KSh3.14 billion reported in the same period a year ago.
In the six months period, Total’s assets increased to KSh43.4 billion as of 30th June 2021 from KSh43.0 billion as of 31st December 2020. Its total liabilities remained unchanged at KSh15.8 billion.
In June this year, Total Kenya announced its rebrand to TotalEnergies Marketing Kenya Plc as part of the company’s shift to cleaner energy. “The Company is geared towards ensuring clean and accessible energy. This is being achieved through the distribution and sale of affordable solar lanterns in all its service stations countrywide,” Total said in its annual report.
The company has a positive future outlook and expects improved performance in the remaining half of the year.
Also read: Total Kenya to Rebrand to TotalEnergies as it Moves to Cleaner Energy
