13th December 2018
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Company Data
 
Kenya Oil Company Ltd.
http://www.kenolkobil.com/
Par Value:                  0.50/-
Closing Price:           19.05
Total Shares Issued:          1471761200.00
Market Capitalization:        28,037,050,860
EPS:             1.67
PE:                 11.407
 

H1 2018 Earnings through 30th June 2018
H1 Sales 90.192351b versus 72.637710b +24.16%
H1 Cost of Sales [86.581853b] versus [68.570962b]
H1 Gross Profit 3.610498b versus 4.066748b
H1 Other Income 278.874m versus 282.175m
H1 Admin and Operating costs [893.937m] versus [1.668955b] -46% [absence of one off provision]
H1 EBITDA 3.022652b versus 2.654362b
H1 Profit before Tax 2.373482b versus 2.080448b +14.085%
H1 Profit after Tax 1.651042b versus 1.422459b +16.06%
EPS 2.13 versus 1.83 +16.39%
Net Increase in Cash and cash Equivalents 1.124516b versus [1.180942b]
Interim Dividend 0.36 versus 0.30 +20%

Company Commentary

Volume Growth +8.00%
EBITDA Growth +14%

Conclusions

Muscular results. Interim Dividend hiked +20% sums up the muscle.
They were lapping a one off provision but once again one cannot argue with these results which has now been a trend for a while.
Execution has really been immaculate

Kenol Kobil PLC FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Net sales 158.710185b vs. 103.493925b +53.352%
FY Cost of sales [150.798637b] vs. [96.110370b] +56.902%
FY Gross profit 7.911548b vs. 7.383555b +7.151%
FY Other income 582.555m vs. 464.353m +25.455%
FY Administrative and operating costs [3.082629b] vs. [2.481277b] +24.236%
FY Impairment provision for KPRL yield shift receivable [570.212m] vs. [600.000m] -4.965%
FY Exchange [Losses]/ gains [47.447m] vs. 2.525m
EBITDA 4.798639b vs. 4.770371b +0.593%
FY Finance costs [340.703m] vs. [354.690m] -3.943%
FY Finance income 192.967m vs. 92.461m +108.701%
FY Depreciation and amortization [970.437m] vs. [969.886m] +0.057%
FY Profit before income tax 3.680466b vs. 3.538256b +4.019%
FY Profit for the year 2.464703b vs. 2.413207b +2.134%
Basic and diluted EPS 1.67 vs. 1.64 +1.829%
Total dividend per share 0.60 vs. 0.45 +33.333%
Total shareholders funds 11.214835b vs. 9.865151b +13.681%
Total assets 24.099030b vs. 24.201705b -0.424%
Cash and cash equivalents at the end of the year 2.476247b vs. 3.886332b -36.283%

Company Commentary

The improved performance was affected by a settlement of old matters and disputes that included KPRL receivables impairment, former CEO ESOP settlement and other legal settlements with business Partners.
We expect no further provisions or expenses related to these matters
Group realised a +2.00% Growth in Profit after Tax FY17. Without extraordinary expenses net Profit would have been 3.4b. Group Revenue +53% mainly driven by volume growth. Group volume +42%.
Net Financing cost -44.00%.
Admin and Operating costs grew by 24% occasioned by extraordinary items as mentioned above. Net of extraordinary items admin and operating costs would have been lower by 8%.
Group carries no long term debt.
Final Dividend 30cents a share [+0.30 Interim]

Late night FY 2017 release from @KenolKobil showing operating costs rose 24% due to ghosts of the past (KPRL, CEO & other legal settlements) @wazua
https://twitter.com/wazua/status/973630335266312193

Conclusions

They threw the Kitchen sink into these FY results.
These were in fact outstanding results.
Looking at the volume chart over the last few months and considering the kitchen sink element of these results tells me we have a change of ownership over the horizon.

H1 2017 Earnings versus H1 2016
H1 Sales 72.637710b vs. 36.937907b +96.648%
H1 Cost of sales [68.570962b] vs. [33.481421b] +104.803%
H1 Gross profit 4.066748b vs. 3.456486b +17.656%
H1 Other income 282.175m vs. 216.493m +30.339%
H1 Administration and operating costs [1.368955b] vs. [969.911m] +41.142%
H1 Impairment provision for KPRL Yield Shift receivable [300.000m] vs. [400.000m] -25.000%
H1 Exchange [Losses]/ gain [25.606m] vs. 39.344m -165.082%
H1 EBITDA 2.654362b vs. 2.342412b +13.317%
H1 Finance costs [82.012m] vs. [97.997m] -16.312%
H1 Depreciation and amortization [491.902m] vs. [518.941m] -5.210%
H1 Profit before income tax 2.080448b vs. 1.725474b +20.573%
H1 Profit for the period 1.422459b vs. 1.189937b +19.541%
Closing cash and cash equivalents 2.715795b vs. 977.398m +177.860%
Interim dividend 0.30 vs. 0.15 100.000%

Company Commentary

a great set of results for the first half of 2017 with improved profitability and volume growth reported across all our key focus and target business segments.
H1 Net profit 1.422b versus 1.189b
Group Revenue was +97% mainly driven by increased international oil prices and volume growth.
Interim Dividend of 30cents a share

Conclusions

strong muscular H1 Earnings off the back of a startling Revenue gain.

FY Net sales 103.493925b vs. 86.557936b +19.565%
FY Cost of sales [96.110370b] vs. [80.720486b] +19.066%
FY Gross profit 7.383555b vs. 5.837450b +26.486%
FY Other income 464.353m vs. 830.391m -44.080%
FY Administrative and operating costs [2.481277b] vs. [2.077117b] +19.458%
FY Impairment provision for KPRL Yield shift receivable [600.000m] vs. [146.694m] +309.015%
FY Exchange gains [Losses] 2.525m vs. [232.064m] -101.088%
FY EBITDA 4.770371b vs. 4.213180b +13.225%
FY Finance costs [354.690m] vs. [651.344m] -45.545%
FY Depreciation and amortization [969.886m] vs. [863.324m] +12.165%
FY Profit before income tax 3.538256b vs. 2.782421b +27.165%
FY Profit for the year from continuing operations 2.413207b vs. 1.897930b +27.149%
FY Profit for the year from discontinued operations vs. 117.044m
FY Profit for the year 2.413207b vs. 2.014974b +19.764%
EPS (Basic & diluted) 1.64 vs. 1.37 +19.708%
FY dividend 0.45 vs. 0.35 +28.571%
Shareholders funds 9.865151b vs. 8.555639b +15.306%
Total Assets 24.201705b vs. 17.377103b +39.274%
Cash and cash equivalents at the end of the year 3.886332b vs. 762.095m +409.954%

Company Commentary

company recorded volume growth in all the sectors which resulted in total volume growth by 30% as compared to 2015.
The Group added a total of 30 retail network stations in the year.
an improved gross margin of 7.1% in 2016 as compared to 6.7% in the previous year
gearing ratio at 26%
Management is optimistic that the good performance will be sustained in the foreseeable future
Final dividend of 30cents 15cents already paid

@KenolKobil Its the final #DealPoa day and Kobil Koinange is still live!
https://twitter.com/KenolKobil/status/825742811194675202

Conclusions

Really strong numbers FY Net Sales +19.565%, FY Profit +19.764% total volume growth of 30%
a rising crude Oil price is typically a strong Tail Wind.
Cash and Cash equivalents up big +409.954% on retained Earnings
Really commendable.

H1 Sales 36.937907b vs. 38.969155b -5.212%
H1 Cost of sales [33.481421b] vs. [36.042870b] -7.107%
H1 Gross profit 3.456486b vs. 2.926285b +18.119%
H1 Other income 216.493m vs. 388.274m 44.242%
H1 Administrative and other costs [969.911b] vs. [947.602b] +2.354%
H1 Impairment provision for KPRL Yield Shift receivable [400.000m] vs.
H1 Exchange gain [Losses] 39.344m vs. [155.092m] +125.368%
H1 EBITDA 2.342412b vs. 2.211865b +5.902%
H1 Finance costs [97.997m] vs. [379.456m] -74.174%
H1 Depreciation and amortization [518.941m] vs. [486.304m] +6.711%
H1 Profit before income tax 1.725474b vs. 1.346105b +28.183%
H1 Profit for the period 1.189937b vs. 918.495m +29.553%
Closing cash and cash equivalents 977.398m vs. 581.613m +68.050%
Interim dividend 0.15 share vs. 0.10 share +50.000%

Conclusions

Muscular results Execution has been outstanding over the last 30 months

KenolKobil FY Earnings through Dec 2015
FY Net sales 86.557936b vs. 90.209977b -4.048%
FY Cost of sales [80.720486b] vs. [85.088414b] -5.133%
FY Gross profit 5.837450b vs. 5.121562b +13.978%
FY Other income 1.411992b vs. 0.851713b +65.783%
FY Administrative and operating cost [2.223810b] vs. [1.771446b] +25.536%
FY EBITDA 4.794782b vs. 3.911475b +22. 582%
FY Finance cost [0.651344b] vs. [1.212792b] - 46.294%
FY Profit before income tax 3.364023b vs. 1.994716b +68.647%
FY Profit for the year 2.014974b vs. 1.091284b +84.642%
EPS 1.37 vs. 0.74 +85.135%
Dividend Final 0.25 Interim 0.10
Total assets 17.377103b vs. 23.915166b -27.339%
Cash and cash equivalents at the end of the year 0.762095b vs. 1.051464b -27.521%

Company Commentary

a record net profit of 2b shillings +85% versus 2014
Strategy to turn around the business by reducing debt, simplifying the business and engaging in value adding activities, such as closing protracted law suits, selling under performing assets and exiting
operations in difficult, unprofitable countries.
Sales volume +13%
6.7% gross Margin versus 5.7% in the previous year
Debt level reduced from 10.4b in 2014 to 4.6b at end of 2015 improved gearing ratio of 31% in 2015
Forex Losses for the year was 232m
We have divested Kobil Tanzania and inactive depot asset in Congo
Final Dividend 25cents a share 10cents Interim

Conclusions

Strong earnings and probably more to go, given how last year witnessed an exponential drop in the Price of Fuel [and this year we are seeing better price stabilisation]

First Half Earnings through 30th June 2015 versus through 30th June 2014
First Half Sales 34.862601b versus 43.181308b -19.26%
Fist Half Cost of Sales [31.936316b] versus [40.632205b]
First Half Gross Profit 2.926285b versus 2.549103b
First Half Other Income 388.274m versus 383.696m
First Half Administration and Operating Expenses [947.602m] versus [917.261m]
First Half Exchange Losses [155.092m] versus [142.269m]
First Half EBITDA 2.211865b versus 1.873269b
First Half Finance Costs [379.456m] versus [669.334m] -43.3%
Depreciation and Amortization [486.304m] versus [408.753m]
First Half Profit before Income Tax 1.346105b versus 795.182m +69.28%
First Half Profit after Tax 918.495m versus 531.168m +72.91%
Interim Dividend 10cents a share

Company Commentary

Group delivered excellent results group registered an 8% increase in volumes
Net Borrowings of 8b reduced significantly by 1.4b from 9.4b as at December 2014

Conclusions

Strong earnings. looks a cheap share.

Full Year Earnings through 31st December 2014 versus through 31st December 2013
Full Year Net Sales 91.315702b versus 109.687453b -16.74%
Full year Cost of Sales [86.263995b] versus [105.422286b] -18.17%
Gross Profit 5.051707b versus 4.265167b
Full Year Other Income 963.265m 1.402931b
Full Year administrative and operating cost [1.873607b] versus [2.514187b]
Full Year Exchange Losses [367.613m] versus [105.347m]
FY Finance Cost [1.339503b] versus [1.671759b]
Full Year Profit Before Tax 1.520820b versus 563.918m
FY Profit after Tax 1.091284b versus 558.419m +95.42%
Full Year Earnings Per Share 0.74 versus 0.38 +94.73%
Full Year Dividend 20cents a share versus 10cents a share +100.00%
Full Year Net cash generated in operating activities 5.454957b versus 1.297340b
Full Year Net repayments of borrowings [4.878598b] versus [1.237945b]

Company Commentary

Group has focussed its concentration on 5 major areas
Corporate Structure
Financing Costs
operating costs
human resources
enterprise risk management
Gross margin to sales improved to 5.5% in 2014 from 3.9% in 2013

Management is confident in the the Groups strength to continue significant improvement in 2015, with the first quarter already delivering strong expected results with significantly lower net borrowings

Conclusions

Real strong rebound numbers.
Reduced the Footprint and eked out operational efficiencies to good effect.
This is a cheap stock now.

First Half Earnings through 30th June 2014 versus through June 2013
First Half 2014 Net Sales 43.181308b versus 65.274760b -33.846%
First Half Cost of Sales [40.236593b] versus [62.583407b]
First Half Gross Profit 2.944715b versus 2.691353b
First Half Other Income 383.696m versus 277.735m +38.151%
First Half Administration and Operating Expenses [917.261m] versus [1.174674b] -21.913%
First Half Profit before Income Tax 795.182m versus 199.086m +299.416%
First Half Profit after Tax 531.168m versus 147.364m +260.44%
Closing Cash and cash equivalents 6.647130b versus 1.104285b

Company Commentary

This improvement results from the continuation of managements focus on the 5 major areas mentioned in the 2013 mentioned in the 2013 Annual report, namely, corporate restructuring, financing costs and operating costs, human resources realignment and risk reduction.

Gross margins as percentage to sales improved to 6.8% for the period to June 2014 [4.1% six months through June 2013 and 4.5% for FY December 2013.

Conclusions

Slashed revenues -33.846% and improved margins to 6.8% from 4.1% in the comparable period in 2013. Strong Results.

Major energy supplier in the Region.
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 10 Dec 2018
 
Downloads
 
  08-NOV-2018 ::  Public Announcement
  Public Announcement

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  08-NOV-2018 ::  Take Over Public Announcement
  Offer by Rubis Energie S.A.S for shares in KenolKobil PLC

Download N.S.E Announcement
   
  24-OCT-2018 ::  Public Announcement
  Proposed acquisition by RUBIS ENERGIE S.A.S of 100% of the remaining ordinary shares of KENOLKOBIL PLC not already legally or beneficially held by Rubis Energie S.A.S

Download N.S.E Announcement
   
  02-AUG-2018 ::  Half Year Results
  Group Unaudited Results for the 6 months ended 30th June 2018

Download N.S.E Announcement
   
  31-MAY-2018 ::  AGM Resolutions
  Resolutions Passed at the KenolKobil Plc Annual General Meeting.

Download N.S.E Announcement
   
  03-MAY-2018 ::  AGM Notice
  Notice of Annual General Meeting.

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  14-MAR-2018 ::  Full Year Results
  Audited Financial Results for the Year Ended 31st December 2017.

Download N.S.E Announcement
   
  15-JAN-2018 ::  Public Announcement
  Appointment of General Manager.

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