Kenya: NOCK Sees Profit Rise
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Wednesday, 07 January 2009 |
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The National Oil Corporation of Kenya reported Sh200 million as net
profit for the financial year ended June 30 up from Sh67 million it
posted during the last financial year.
Deputy managing director Summaya Athumani said the company made a
turnover of Sh8 billion during the same period compared to Sh4.5
billion the previous year. The increase in profits was attributed to
better financial control mechanisms that it put in place.
Ms Athumani said in an interview with the local media that the results
were buoyed by staff motivation, effective cost management among others
despite margins being depressed due to international fossil fuel costs
hitting an all time high. “The firm has closed the past loss-making
streak totalling Sh1.5 billion that raised concerns about the State
corporation’s performance,” she said.
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