KenolKobil, the pan-African oil firm based in Nairobi, has announced its half year results ending June.
During the review period the firm noted a 16.07% year-on-year rise in net profit, as well as its sales revenue increasing by a quarter and its costs falling by almost half.
The company’s profit after tax rose from Sh1.422bn (US$14.2mn) in the first six months of 2017 to Sh1.65bn ($16.4bn) in 2018.
KenolKobil’s earnings from sales hit Sh90.19bn ($899mn) in the review period, a 24.17% increase from the previous year.
It is expected the rise in earnings can be attributed to an international increase in oil prices and sales volumes growth.
The Nairobi Securities Exchange-listed firm runs operations in Kenya, Uganda, Rwanda, Ethiopia, Burundi, Mozambique, and Zambia.
“This group performance has been achieved in an operating environment characterised by a sharp rise in international oil prices, stiff competition, pressure on consumers’ disposable incomes, inflationary pressure and other deteriorating macro-economic factors in many of our key markets,” said David Ohana, Managing Director of KenolKobil.
“The volume growth was spread across all the business segments.”