Total Kenya’s half-year net profit rises 8pc to Sh1bn

Total Kenya's half-year net profit rises 8pc to Sh1bn

A Total petrol station in Nairobi. FILE PHOTO | NMG Total Kenya #ticker:TOTL has announced a 8.06 per cent rise in net profit for the six months ended June 30, 2018, boosted by a lower tax base.

The Nairobi Securities Exchange (NSE)-listed oil marketer made a net profit of Sh1.03 billion from Sh958 million posted during the same period in 2017.

“The main factors contributing to this performance are attributed to the prudent management of operating expenses and the continued focus on profitable business segments and leveraging on new business opportunities,” said the firm’s managing director Anne-Solange Renouard in a statement.

The board said other income excluding exceptional items of Sh78 million relating to write-ins of excess provisions and asset disposals booked in 2017 increased marginally by one per cent.

Operating expenses remained muted at Sh2.98 billion compared with Sh2.99 billion during the same period in 2017, despite the impact of inflation and increased depreciation emanating from new investments.

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