Oil marketer Total Kenya has reported an increase in net profit for the year ended December 31, 2015, despite volatility in international oil prices witnessed last year.
The oil marketer’s net profit rose to Sh1.62 billion in 2015 from Sh1.42 billion in 2014, a 12.4 per cent increase.
Total assets grew by Sh1.68 billion, with the oil marketer’s investments totalling Sh1.76 billion compared to Sh1.45 billion in 2014, a 22 per cent increase.
Sales volumes increased by seven per cent from 1,618 KMT (Kilo Metric Ton) in 2014 to 1,736 KMT in 2015, attributed to sales to local oil marketing companies under the open tender system agreement and increased sales in network, general trade and lubricants.
Disposal of assets pumped in Sh278 million to the company’s income.
Net sales, however, decreased by 22 per cent due to “drop in international oil prices”.
Foreign exchange losses also widened to Sh320 million from Sh149 million in 2014, which was attributed to the depreciation of the
shilling against the US dollar.
