Total Kenya’s 2020 net profit rose by 30% despite pandemic
Total Kenya’s 2020 net profit rose by 30% to $30.4 million despite a turbulent year hit by COVID-19 pandemic.
Total Kenya’s net profit for the year 2020 rose by 30% to KSh3.3 billion from KSh2.5 billion in 2019, despite a turbulent year.
The company’s revenue from the sale of petroleum and gas products dipped 32% to KSh97.4 billion from KSh144 billion a year earlier, as covid-19 restrictions resulted in lower sales of the products.
Nonetheless, Total’s investments in shops and food and services paid off as its ‘other income’ rose by 27% to KSh1.9 billion from KSh1.5 billion in 2019.
The energy company’s operating expenses remained unchanged at KSh6.2 billion. Total suffered a KSh144 million foreign exchange loss due to the depreciation of the Kenya Shilling against the US dollar.
In the period under review, Total invested KSh1.72 billion toward improving safety standards in their operations and in new profitable business lines. The firm’s total assets increased by 14% to KSh43 billion from KSh37.6 billion a year ago. Its short-term debt increased to KSh14.2 billion at the end of 2020, from KSh11 billion at the end of 2019.
Total is one of the largest oil and gas marketers in East Africa. It sells a wide range of products such as petroleum, Liquefied Petroleum Gas (LPG), industrial diesel, engine coolants, brake fluids, and auto cleaning products.
The energy company expects the current financial year to be challenging due to the uncertainty caused by the covid19 pandemic. Total said it has put in measures to maintain a strong balance sheet and preserve an attractive return for its shareholders.
The firm’s directors recommend a final dividend of KSh1.57 per share for the year 2020, up from a dividend of KSh1.30 per share in 2019.