News Column

Oil Firm's Profit Up On Cost Cutting

August 22, 2014

KenolKobil's net profit for the six months ended June 30 grew by two and a half times compared to 2013's as the firm reaped from strict cost-cutting and cautious investing.

The NSE-listed oil marketer has posted an after-tax profit of Sh531.17 million, a 260.5 per cent jump over the Sh147.36 million earned in a similar period last year.

Chief executive David Ohana said the improved results were as a result of continued focus on corporate restructuring, financing costs, operating costs, human resource realignment and risk reduction.

"Concentration on operating costs and restructuring of the business delivered significant savings to the bottom line," Ohana said in a statement.

He said the firm's operating costs in the period reduced by 21.9 per cent to Sh917 million from Sh1.18 billion.

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Source: AllAfrica

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