TotalEnergies Marketing Kenya, an oil marketer, reported a 49.7% increase in half-year net profit, aided by increased sales as a result of relaxed coronavirus control measures.
In the six months ended in June, the company recorded a net profit of Sh1.7 billion, up from Sh1.14 billion a year earlier.
The State eased Covid-19 control efforts by permitting travel across counties and reducing curfew hours, resulting in a 17 percent increase in gross sales to Sh51.8 billion.
Net sales increased 9.6% to Sh34.4 billion from Sh31.4 billion, excluding taxes on petroleum products.
Mr. Aluko has resigned from the firm, and Eric Fanchini will take his position on August 16, 2021.
Mr. Fanchini has worked for TotalEnergies for the past 18 years, holding numerous management positions in countries such as France, the United Kingdom, and the Ivory Coast.
Total other income climbed by 30% to Sh951.5 million in the first half of the year, owing to continuing expenditures in diversification activities in the company’s retail stores.
Total has food outlets under the ‘Bonjour’ name at several of its gas stations, mostly targeting customers who are there for fuel.
The strengthening of the shilling against the dollar also helped the company’s bottom line, reducing foreign exchange losses from Sh80.76 million to Sh2.83 million last year.
Total attributes this to “cost discipline taken by management to be more efficient and agile,” as operating expenses fell marginally from Sh3.14 billion to Sh3.13 billion.
