Weak shilling, delay of subsidy refunds dent Total Energies profits

Utalii Total petrol station in Westlands, Nairobi. [Elvis Ogina, Standard]

A weak shilling, high cost of crude oil globally and delays by government to refund oil marketing companies their margins for keeping fuel prices stable has hit Total Energies Kenya, which has reported a 55 per cent drop in net profit.

The oil marketer Wednesday said its profit after tax over the half year to June 30 reduced to Sh798.59 million from Sh1.79 billion over a similar half in 2021.