KenolKobil profit up 19.7 per cent on higher sales

Oil marketer KenolKobil has recorded a 19.7 per cent growth in net profit in the year ended December, helped by higher sales and lower finance costs.

The company’s net earnings in the period stood at Sh2.4 billion compared to Sh2 billion the year before.

This came as sales jumped 19.5 per cent to Sh103.4 billion, coinciding with an improvement in the gross profit margin from 6.7 per cent to seven per cent.

“The management has been quite aggressive and focused to solidify the company’s position in the markets we operate in so as to guarantee the shareholders good returns in future,” Kenol said in a statement.

“The group added a total of 30 retail network stations in the year.”

KenolKobil also benefited from 45.5 per cent drop in finance cost to Sh354.6 million from Sh651.3 million.

The lower interest expenses came despite loans rising 57.2 per cent to Sh7.3 billion.

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