Sharp Daily
No Result
View All Result
Friday, October 3, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Kenya Pipeline Company records 22.9% profit increase amidst tough times

Joseph Muriithi by Joseph Muriithi
December 15, 2023
in News
Reading Time: 3 mins read

 

The Kenya Pipeline Company (KPC) disclosed a substantial 22.9% increase in profit for the fiscal year ending in June, attributing the growth to heightened sales driven by the depreciation of the local currency against major foreign currencies.

As per disclosures made to Parliament, the state-owned entity achieved a profit before tax of Sh7.5 billion, a notable rise from the pre-tax earnings of KES 6.1 billion in the previous year.

Throughout the review period,  KPC’s pipeline experienced a significant 6.0% increase, reaching 8,675,034.0 cubic meters, compared to 8,183,995.0 cubic meters in the preceding year. This, coupled with the sharp depreciation of the Kenyan shilling, contributed to an upswing in revenues.

RELATEDPOSTS

Kenya pipeline’s KES 4.9B tender to boost local businesses

April 15, 2025

Kenya Pipeline Company set for stock market debut, treasury confirms

February 7, 2025

KPC’s total sales during the period amounted to KES 32.5 billion, reflecting a 24.0% surge from KES 26.2 billion in the previous year. The continual depreciation of the Kenyan shilling against the US dollar played a pivotal role in this financial growth, with the exchange rate reaching 140.5 units to the dollar in June, compared to 119.0 units in the same month the previous year.

The company attributes the positive financial performance to increased throughput and the impact of the Kenyan shilling’s depreciation on dollar-denominated sales, resulting in a profit before tax of KES 7.5 billion for the fiscal year 2022/23, as indicated in the official document on KPC’s performance.

KPC also underscored the growing demand for fuel domestically and in transit markets such as Uganda, Rwanda, South Sudan, and the Democratic Republic of the Congo.

Despite the positive financial results, it was noted that the Treasury had set a revenue target of KES 30.7 billion for the same period, anticipating increased fuel demand in both domestic and transit markets.

In the fiscal year ending in June 2022, domestic sales accounted for 55.0% of the total throughput, equivalent to 4,537,535 cubic meters.

The Kenya Pipeline Company is responsible for storing imported fuel and transporting it from the port of Mombasa to the hinterland and neighboring countries, facilitating the efficient flow of energy resources in the region.

 

Previous Post

Manchester City aims for club world cup glory in Saudi Arabia

Next Post

DP Gachagua: Ignore polls hustlers are happy with Ruto’s leadership

Joseph Muriithi

Joseph Muriithi

Related Posts

News

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025
News

Argentina’s crisis and Kenya’s lessons on political economy and market confidence

September 25, 2025
News

Kenya’s financial system remains stable but faces rising risks

September 25, 2025
News

Where do Kenyan stock returns come from? A napkin framework

September 19, 2025
News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025
Private equity investment business concept
News

Private equity and insurance

September 4, 2025

LATEST STORIES

The Role of Micro-Pensions Plans in Kenya

October 3, 2025

Understanding the link between international aid and cooperative finance stability in Sub-Saharan Africa

October 3, 2025

Kenya Pipeline Company IPO

October 3, 2025

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025

Kenya’s Regulated SACCOs Cross Trillion Shilling Mark

October 2, 2025

Post-September review: What CMMF did and what’s next

September 26, 2025

Strengthening water utilities through efficiency and accountability

September 26, 2025

Retirement Benefits Schemes Trustee Governance in Kenya

September 26, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024