With sustained profitability and volume growth across all key business segments, Kenolkobil has posted outstanding results for the FY 2017.
A 2% growth in profit after tax was realized by the group in FY 2017, compared to FY 2016, with net profit at KShs 2.46b (In FY2016, it was KShs 2.41b). Mainly driven by volume growth as well as increased international oil prices, group revenue was up 53%.
Compared to FY 2016, group volume was up 42% in FY 2017. Gross profit of the group grew to KShs 7.9b in FY 2017, compared to KShs 7.4b in FY 2016.
Despite a 42% growth in volume due to better inventory and cash management strategies, financing cost came down by 4%. Financing income grew by 109%, but overall, net financing cost came down by 44%. In FY 2017, administration and operating costs grew by 24% compared to FY 2016.
Shareholders’ funds grew to KShs 11.2b as at 31 December 2017, up from KShs 9.9b as at 31 December 2016.
A final dividend of KShs 0.30 per share has been recommended by the Board of Directors. the final dividend, together with interim dividend already paid (KShs 0.30 per share) adds up to KShs 0.60 per share (KShs 0.45 per share paid in 2016), an increase of 33%. PWKD15032018