KenolKobil Says On Track to Achieve Full-Year Targets

KenolKobil Ltd. (KNOC), a Kenyan fuel retailer with operations in nine African countries, said it expects to meet its forecasts for full-year results when they are published in February.

“Management is pleased to state, with a high degree of confidence, that KenolKobil’s full year is well on track to achieve its projected strong results,” the Nairobi-based company said in an e-mailed statement today.

In July the company reported an 83 percent surge in half- year earnings, beating a forecast of 50 percent that it had given in March. Profit in the six months to June accelerated to 2.16 billion shillings ($24 million), while sales climbed 38 percent to 83.3 billion shillings.

Shares in Kenya’s biggest fuel retailer by market value closed trading today 3.2 percent lower at 9.20 shillings, extending its decline this year to 8 percent. The benchmark NSE 20-Share index (KNSMIDX) has fallen 27 percent during the same period.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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