KenolKobil Heads for 7-Month High Before Earnings: Nairobi Mover
KenolKobil Ltd. (KNOC), the Kenyan fuel retailer with operations in nine African countries, gained for a third day and headed for its highest close in almost seven months ahead of an earnings announcement tomorrow.
The stock advanced 4 percent to 11.7 shillings by 1:02 p.m. in Nairobi, the capital. A close at that level would be the strongest since Aug. 4.
“Our forecast indicates an 81.5 percent profit growth to 3.2 billion shillings ($38.6 million) and 48 percent revenue growth to 150.6 billion shillings shillings,” Gregory Waweru, a research analyst at Nairobi-based Kestrel Capital East Africa Ltd., said in a phone interview today. “There is heightened trading activity and levels of demand.”
KenolKobil is scheduled to announce its annual results tomorrow. In the 12 months to December 2010, net income climbed to 1.78 billion shillings or 1.21 shillings per share from 1.29 billion shillings or 0.88 shillings per share a year earlier, the Nairobi-based company said on March 24, 2011. Sales rose 5.3 percent to 101.8 billion shillings, it said.
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