15th November 2018
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Company Data
 
Total Kenya Ltd.
http://www.total.co.ke/
Par Value:                  5/-
Closing Price:           27.50
Total Shares Issued:          175028706.00
Market Capitalization:        4,813,289,415
EPS:             4.35
PE:                 6.322
 

Leading multinational energy company.

Total Kenya PLC FY 2017 results through 31st December 2017 vs. 31st December 2016
FY Gross sales 137.096919b vs. 110.582420b +23.977%
FY Indirect taxes and duties [25.673365b] vs. [21.521496b] +19.292%
FY Net sales 111.423554b vs. 89.060924b +25.222%
FY Cost of sales [103.171526b] vs. [81.209334b] +27.044%
FY Gross profit 8.252028b vs. 7.851590b +5.100%
FY Other income 1.094244b vs. 962.996m +13.629%
FY Operating expenses [5.410544b] vs. [4.994353b] +8.333%
FY Finance income 328.054m vs. 163.492m +100.654%
FY Finance costs [54.520m] vs. [26.834m] +103.175%
FY Net foreign exchange loss [77.446m] vs. [21.528m] +259.745%
FY Profit before tax 4.131816b vs. 3.935363b +4.992%
FY Profit for the year 2.738216b vs. 2.234292b +22.554%
Basic and diluted EPS 4.35 vs. 3.55 +22.535%
Dividend per share 1.30 vs. 1.06 +22.642%
Total Assets 38.012115b vs. 36.185372b +5.048%
Total Equity 21.417219b vs. 19.349290b +10.687%
Cash and cash equivalents as at 31st December [2.349724b] vs. [278.826m] -742.721%

Company Commentary

Net Sales +25%
increase in margins +5.00%
increase in other income 131m strategy of development in non fuel activities
1.30 Final Dividend

Conclusions

Strong Earnings - Dividend hiked +22.642%
headline revenue growth other income i.e. Forecourt doing well
This is an attractively priced share

H1 Gross sales 71.759795b vs. 48.874772b +46.824%
H1 Indirect taxes and duties [13.082998b] vs. [9.895382b] +32.213%
H1 Net sales 58.676797b vs. 38.979390b +50.533%
H1 Cost of sales [54.459794b] vs. [35.356648b] +54.030%
H1 Gross profit 4.217003b vs. 3.622742b +16.404%
H1 Other income 431.803m vs. 396.499m +8.904%
H1 Operating expenses [2.987122b] vs. [2.531651b] +17.991%
H1 Finance income/ costs Net 141.668m vs. 75.983m +86.447%
H1 Profit before tax 1.693750b vs. 1.563798b +8.310%
H1 Profit for the period 958.198m vs. 717.900m +33.472%
Basic and diluted EPS 1.52 vs. 1.14 +33.333%
Cash and cash equivalents at 30th June [350.293m] vs. [305.940m] +14.497%
No interim dividend

Company Commentary

The Company recorded a growth of 33% in net profit for the half year period.
Net Sales increased by 51% mainly due to increase in international oil prices.
+16% growth in margins
No interim Dividend

Conclusions

Strong Earnings release plain and simple.

FY Gross sales 110.582420b vs. 138.027279b -19.884%
FY Indirect taxes and duties [21.521496b] vs. [17.773285b] +21.089%
FY Net sales 89.060924b vs. 120.253994b -25.939%
FY Cost of sales [81.209334b] vs. [113.263567b] -28.301%
FY Gross profit 7.851590b vs. 6.990427b +12.319%
FY Other income 962.996m vs. 766.065m +25.707%
FY Operating expenses [4.994353b] vs. [4.905099b] +1.820%
FY Finance income 163.492m vs. 127.073m +28.660%
FY Net foreign exchange loss [21.528m] vs. [320.342m] -93.280%
FY Profit before tax 3.935363b vs. 2.618696b +50.279%
FY Profit for the year 2.234292b vs. 1.615003b +38.346%
EPS (Basic and diluted) 3.55 vs. 2.57 +38.132%
Total Assets 36.185372b vs. 34.225035b +5.728%
Total Equity 19.349290b vs. 17.599746b +9.941%
Cash and cash equivalents as at 31st December [278.826m] vs. [1.453450b] -80.816%
Dividend per share 1.06 vs. 0.77 +37.662%
Number of shares 175,028,706

Company Commentary

drop in international oil prices led to the decrease of 26% in net sales.
Gross margins increased by 12%
Other Income increased by 197m as a result of growth in rental income and non forecourt activities.
FY PAT +38%
1.06 Final Dividend

Conclusions

Strong results cheap share. Buy at this level

Total Kenya Limited H1 2016 results through 30th June 2016 vs. 30th June 2015

H1 Gross sales 48.874772b vs. 64.097397b -23.749%
H1 Indirect taxes and duties [9.895382b] vs. [8.358076b] +18.393%
H1 Net sales 38.979390b vs. 55.739321b -30.068%
H1 Cost of sales [35.356648b] vs. [52.603913b] -32.787%
H1 Gross profit 3.622742b vs. 3.135408b +15.543%
H1 Other income 396.499m vs. 265.000m +49.622%
H1 Operating expenses [2.531651b] vs. [2.386581b] +6.079%
H1 Net foreign exchange gain [loss] 0.225m vs. [191.015m] +100.118%
H1 Profit before tax 1.563798b vs. 891.723m +75.368%
H1 Profit for the period 717.900m vs. 525.451m +36.625%
EPS 1.14 vs. 0.83 +37.349%
No interim dividend
Cash and cash equivalents at the end of the period [305.940m] vs. 3.580332b -108.545%

Company Commentary

The Company recorded a growth of 37% in net profit for the half year period ended 30th June 2016.
Net Sales decreased by 30% mainly due to a drop in international Oil Prices
Co recorded a +16% growth in margins to 3.6b versus 3.1b
Other Income increased by 131.5m as a result of increased activities in non fuel business channels
The Tax Charge of 845.9m included a provision arising from an audit tax assessment by the revenue Authority relating to prior years
No Interim Dividend

Conclusions

Strong results especially when you account for the increased Tax Charge

Total Kenya Limited FY 2015 results through 31st December 2015 vs. 31st December 2014
FY Gross sales 138.027279b vs. 170.725560b -11.153%
FY Indirect taxes and duties [17.773285b] vs. [15.623868b] +13.757%
FY Net sales 120.253994b vs. 155.101692b -22.468%
FY Cost of sales [113.263567b] vs. [148.351545] -23.652%
FY Gross profit 6.990427b vs. 6.750147b +3.560%
FY Other income 766.065m vs. 487.693m +57.079%
FY Operating expenses [4.905099b] vs. [4.548854b] +7.832%
FY Finance income 127.073m vs. 8.541m
FY Finance costs [39.428m] vs. [272.336m] -85.522%
FY Net foreign exchange loss [320.342m] vs. [149.186m] +114.727%
Profit before tax 2.618696b vs. 2.276005b +15.057%
Profit for the year 1.615003b vs. 1.424088b +13.406%
EPS 2.57 vs. 2.26 +13.717%
Dividend 0.77 vs. 0.70 +10.000%
Cash & cash equivalents as at 31st December [1.453450b] vs. [6.841453b] +78.755%

Company Commentary

Sales volumes increased by 7% to 1,736 KMT in 2015
Company maintained its leadership position in the Inland market in 2015
Net Sales decreased by 22% due to the drop in international Oil Prices
Co. recorded a 4% growth in margins from 6.75b to 6.99b in 2015
Other Income increased by 278m mainly as a result of disposal of assets classified as held for sale
Co. suffered a Forex Loss of 320m
0.77 Final Dividend

Conclusions

Solid results and a solid franchise

H1 2015 Earnings through 30th June 2015 vs. 30th June 2014
H1 Gross Sales 64.097397b vs. 90.400855b -29.1%
H1 Net Sales 55.739321b vs. 82.752219b -32.6%
H1 Cost of Sales [52.603913b] vs. [79.436274b] -33.8%
H1 Gross Profit 3.135408b vs. 3.315945b -5.4%
H1 Operating Expenses [2.386581b] vs. [2.330987b] +2.4%
H1 Profit Before Taxation 891.723m vs. 1,039.173m -14.2%
H1 Profit After Taxation 525.451m vs. 631.134m -16.7%
H1 EPS 0.83 vs. 1.00 -17.0%

Company Commentary

Sales volumes decreased by 4% from 851 KMT in 2014 to 815 KMT in 2015 resulting from lower bulk sales to other oil marketing companies in the first half of the year.
The Company retained an inland market leadership position at 20%
Gross Profit was lower by 5% due to increase in variable costs resulting from inflation and the stock effect due to the volatility in international Oil Prices
No Interim Dividend
macroeconomic environment remains challenging

Conclusions

In Part the sharp sales slowdown of 29.1% is due to the lower price structure and clearly they backed off the bulk wholesale business.
Its a cheap stock and good value, in my view,

Full Year Earnings through December 2014 versus through December 2013
FY Total Assets 32.541800b versus 39.984165b
FY Inventories 11.159064b versus 14.953214b
FY Gross Sales 170.725560b versus 154.626092b
FY Net Sales 155.101692b versus 141.718042b
FY Cost of Sales [148.351545b] versus [135.371011b]
FY Gross Profit 6.750147b versus 6.347031b
FY Operating Expenses [4.548854b] versus [4.323842b]
FY Finance Costs [272.336m] versus [278.695m]
FY Net Foreign Exchange Loss [149.186m] versus [123.751m]
Full Year Profit before Tax 2.276005b versus 2.084517b
Full Year Profit After Tax 1.424088b versus 1.312277b
Full Year EPS 2.26 versus 2.08
Final Dividend 70cents a share

Conclusions

Stepped into the breach as KenolKobil cut volumes.

First Half Earnings through June 30th 2014 versus through June 30th 2013
First Gross Sales 90.400855b versus 65.789573b +37.409%
First Half Cost of Sales [79.436274b] versus [56.942364b] +39.502%
First Half gross Profit 3.315945b versus 2.863423b
First Half operating expenses [2.330987b] versus [2.103856b]
First Half Profit before Tax 1.039173b versus 0.757056b +37.265%
First Half Profit After Tax 631.134m versus 461.303m +36.8154%
First Half Earnings Per Share 1.00 versus 0.73 +36.986%

Company Commentary

Sales volumes increased by 37% from 621 KMT in 2013 to 851 KMT in 2014.
Increased sales to other OMCs Network Lubricants and consumer recorded increased sales.
Gross Margin 4.00% in 2014 versus 4.8% in 2013.
No Interim Dividend
Board has guarded confidence that the results for the second half of the year shall be positive

Conclusions

Earnings continue to show good Traction. They have stepped up as KenolKobil stepped down.
Its an attractive share on a 10.817 Trailing PE.

FY Earnings through December 2013 versus through December 2012
FY Gross Sales 154.626092b versus 119.788989b +29.082%
FY Net Sales 141.718042b versus 107.450534b
FY Cost of Sales [135.371011b] versus [101.577075b]
FY Gross Profit 6.347031b versus 5.873459b
FY Operating Expenses [4.323842b] versus [4.652729b]
FY Finance Costs [278.695m] versus [1.554715b]
FY Profit before Tax 2.084517b versus [64.301m]
FY Profit after Tax 1.312277b versus [202.142m]
FY Earnings Per Share 2.08 versus [0.32]
Final Dividend 60cents a share +200%

Company Commentary

significant reduction in financing expenses arising from 5.2b shillings injected by Total in June 2012
Sales Volumes +37% to 1,491 KMT 2013
Lower Gross margin of 4.5% in 2013 versus 5.5% in 2012 attributable to OTS sales which have a lower margin

Conclusions

Strong results which were telegraphed in the 1st Half Earnings Release.
The Dividend has been hiked 200% and is worth 4.936%.


FY Gross Sales 119.788989b versus 105.590360b +15%
FY Net Sales 107.450534b versus 92.535049b
Cost of Sales 101.577075b versus 87.860697b
Gross Profit 5.873459b versus 4.674352b
Other Income 302.153m versus 680.041m
FY Operating Expenses 4.652729b versus 3.962404b
Finance Costs 1.554715b versus 1.592320b
Foreign Exchange Loss 80.978m versus +257.637m
FY PBT -64.301m versus 57.85m
FY PAT -202.142m versus -71.436
FY EPS -0.32 versus -0.24

Company Commentary
http://www.rich.co.ke/media/docs/Total%20Kenya%20Ltd-%20End%20Year%20Results.pdf

Company characterises The Performance as commendable in spite of unfavourable Macroeconomic challenges that prevailed in the 1st Half.
Sales Volumes increased by 15%.
Inland Market Leadership Position in 2012
Gross Profit Margin increased by 8.2%
Gearing Ratio 26% in 2012 versus 145% in 2011 via Issuance of Additional Preference Shares

Conclusions

The Settlement around the Triton related Claim in London veiled an underlying Improvement.

1st Half 2011 versus 1st Half 2010
PBT 145.39m versus 481.044m
PAT 79.71m versus 302.284m
Sales Volumes decreased 13.7% to 425 KMT from 493 KMT
Market share 22.6% versus 27.6%
Turnover +23%

Conclusions

A Marked slowdown in H1 and I think they have been squeezed by KenolKobil.

Swot Analysis Full Year 2009 versus Full Year Dec 2008
Goodwill 6.39651b versus 0.336604b
Total Assets 31.528196b versus 14.526784b +117.03%
Net Cash Outflow Total Marketing Kenya Limited 12.872281b
Turnover 41.311598b versus 54.807521b -24.624%
Operating Profit 1.308911b versus 1.392678b -6.399%
Finance Costs Net 526.386m versus 364.841m +44.278% Higher Operational Leverage
Net Profit 482.585m versus 703.894m -31.44%
EPS 1.62 versus 4.02 -59.7%
1 shilling versus 2.50 Dividend Final
Yield 3.174%
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: 15 Nov 2018
 
Downloads
 
  04-JUN-2018 ::  AGM Notice
  Notice of Annual General Meeting

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

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