Business: Kenol Kobil reports a loss
Added on September 08, 2012
Oil marketer Kenol Kobil has reported 3.9 billion shillings loss in the period to June 30th 2012 due to depressed global economic environment and falling international oil prices. The oil marketer also suffered a 4.2 billion shillings loss from foreign exchange hedges taken in the latter part of 2011.the company’s administrative and overhead costs increased by 33% due to inflation across the region in the period under review as well as increased unrecovered value added tax...and while the board did not issue an interim divided the management said it would continue to focus on reducing cost of financing with deliberate measures being undertaken with tighter inventory management and business process re-engineering to enhance efficiency. Kenol Kobil has also postponed capital expenditure indefinitely.
Last Modified: 08 Sep 2012 10:44
Kenol Kobil woes
The standing of locally owned oil marketing firms is increasing
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