TotalEnergies Marketing Kenya PLC has issued a profit warning for the year ending December 31, 2024. The company projects a significant decline in its 2024 full year profit after tax, estimating it to decrease by over 25% compared to the profit recorded in the financial year ending December 2023.
According to it’s 2023 annual financial statement, TotalEnergies Marketing Kenya PLC reported a profit after tax of Sh3.02 billion. However, now, the projected decline in 2024 will see the profit, once again, fall below the Sh3 billion mark as was the case in the year 2022, where it stood at Sh2.44 billion.
The company also posted a half year profit after tax of Sh938.51 million this year.
This projected downturn in profit is primarily attributed to heightened interest rates, which has lead to increased financial costs.
Additionally, the challenging and volatile business environment have continued to impact the company’s profitability. However, even with the setback, the company is optimistic for the future, as a result of recent trends indicating a decline in rates.
According to the board of directors, this will result in increased income and likely ease the financial pressure. With management focused on streamlining operations and managing costs, 2025 is expected to be a year of improved performance and better financial position.
The company is committed to maintaining its focus on safety and operational excellence, fostering confidence among stakeholders and paving the way for recovery and growth in the near future.
