The Net Profit for leading supplier of Petroleum and Gas products in the East African region in the oil and gas sector; Total Kenya in 2020 increased by 30 percent to 3.3 billion Kenyan Shillings despite a rather difficult year. This is higher than the 2.5 billion Kenyan Shillings that was the case in 2019.
The revenue for Total Kenya from the selling of Petroleum and Gas products dropped by 32 percent to 97.4 billion Kenyan Shillings from 144 billion Kenyan Shillings which was achieved a year before. The drop is attributed to the reduced sale of said products due to the implemented Coronavirus pandemic restrictions.
The company’s investments in food, services, as well as shops paid off majorly however, as its other income rome streams increased by 27 percent to 1.9 billion Kenyan Shillings from 1.5 billion Kenyan Shillings that was the case in 2019.
The operating expenses for Total Kenya, stood at 6.2 billion Kenyan Shillings. The company suffered a foreign exchange loss of 144 million Kenyan Shillings as a result of the the depreciation of the Kenyan Shilling against the United States Dollar.
In the said period that is under review, Total Kenya invested 1.72 billion Kenyan Shillings towards the improvement of safety standards in their operations, as well as in new profitable business lines or ventures.
The total assets for Total Kenya increased by 14 percent to 43 billion Kenyan Shillings from the 37.6 billion Kenyan Shillings that was the case in 2019. In the area of short term debt the company’s short term debt increased to 14.2 billion Kenyan Shillings at the end of 2020 from the 11 billion Kenyan Shillings that was the situation at the end of 2019.
Total Kenya is one of the biggest Oil and Gas marketers in the East African region. It currently sells a wide array of products like Liquefied Petroleum Gas (LPG), petroleum, engine coolants, auto cleaning products, brake fluids, and industrial diesel.
The energy company; Total Kenya believes that the current financial year will be a challenge as a result of the uncertainty caused by the still ongoing Coronavirus pandemic. The company made it known that it has put in place a number of measures to reach and maintain a strong balance sheet, while also preserving an attractive return for its shareholders.
The Directors of Total Kenya have so far recommended a final dividend of 1.57 Kenyan Shillings per share for the financial year of 2020. This is considerably higher than the dividend of 1.30 Kenyan Shillings per share that was disbursed in 2019.
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