KenolKobil has registered a 1.6 billion shillings in half-year profits for the period ended June 2018 further signaling good earnings at the end of the year.
The increase in profits was 16.07 percent as compared to the same time in 2017 thanks to the growth in revenue sales by a quarter as well as the halving if the costs.
In 2017, the half-year profits stood at 1.422 billion shillings with the 1.65 billion shilling fir 2018 attributed to an increase in sales by 24.17 percent to 90.19 billion shillings.
KenolKobil is third largest oil distributor in Kenya after Vivo Energy and Total Kenya. During the period under review, the operating costs dropped by 46.44 percent to 893.94 million shillings from 1.67 billion shillings in 2017. The drop in costs has been attributed to the ‘streamlined procurement processes, efficient cost management and absence of 300 million shillings debt provision that was there in 2017 by the Kenya Petroleum Refineries Limited.’