Kenol Kobil Records over 1B Pretax Profit

This represents a 95 per cent jump in profitability compared to the Sh564 million recorded the previous year. 

Speaking during the release of results, Group Managing Director David Ohana credited the jump to a reduction in the oil firm’s administrative and operating costs. 

This in turn dropped the average by 25 per cent equating to Sh1.9 billion. 

The company's exchange rate losses however, more than tripled to Sh367 million due to volatility in the Kenyan shilling's exchange rate to the US dollar. 

Kenol Kobil's board of directors has now proposed a first and final dividend of 20 cents per share for every share held.