Total Kenya limited has announced a 73% growth in pre-tax profits for the third quarter period ended September 30th 2010 compared to the same period in 2009. The main highlights are:
Net turnover grew by 150% to Kshs 46.6 billion in September 2010 due to the increase in sales volumes couped with increase in international oil prices. Sales volume went up by 360 KT, a 100% increase, as compared to same period in 2009, buoyed by increased sales volumes in network, aviation, LPG, and general trade channels. On a quarterly basis the net turnover grew by 3.1%.
The gross profit grew by 135% to Kshs 3.6 billion from Kshs 1.6 billion in September 2009. The gross profit margin worsened to 7.8% from 8.3% as a result of 152% growth in cost of sales. Operating profit grew by 100% to Kshs 1.4 billion in September 2010, mainly driven by increase in sales , inproved margins and controlled operating expenses. On quarterly basis this delined by 20.7%.
Financial Expenses went up by kshs 485 million due to increase of financing needs occasioned by the acquisition of Chevron Kenya Limited. However, Net profits grew by 53% from Kshs 228 million to Kshs 349 million for the nine months ended September 30th 2010. The net profit margin worsened to 0.7% from 1.2% as a result of 82% growth in operating expenses. On quartely basis the net profit declined by 51%.
The debt to equity ratio improved to 100% in September 2010 from 102% in September 2009, driven by 2% decline in short term borrowing to Kshs 9Bn in September 2010. This has increased their current liabilities past their shareholders equity which is not sustainable and may mean the company has to undergo capital restructuring.
The net working capital declined by 18% to kshs 1.78 billion from kshs 2.16 billion previously. The current ratio remained high at 1.1.
The net cash from operating activities grew by 403% to kshs 2 billion from kshs 410 million.
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