Kenolkobil has recorded 85 per cent jump in net profits, raising its earnings to Sh2 billion for the financial year that ended in December 31 2015.
The profit, the highest in the group’s history, was boosted by a decision to sell underperforming assets and exit unprofitable markets in Tanzania and Congo. In 2014, the group posted a profit of Sh1 billion, a 95 per cent jump from 2013 performance. However, the best performance was recorded in 2015 and during the period under review, the group’s profit before tax was Sh3.3 billion.
This was a 68.6 per cent rise from Sh1.9 billion posted a year earlier. The year also saw Kenya’s third largest oil marketer improve its sales volumes by 13 per cent. However, sales revenue dropped by four per cent to Sh86.5 billion due to a dip in international oil prices.
The ongoing efforts to reduce debts saw the group close 2015 with a debt of Sh4.6 billion. This translates to a 56 per cent reduction from the previous financial year when the debt stood at Sh10.5 billion.
