Page 14 - DMEA Week 14 2022

DMEA NEWS IN BRIEF DMEA

COMPANIES shops, food and service (SFS) and income claims to be the largest transport and logistics
from partnerships with third parties had operator on the continent. The group also
TotalEnergies Marketing increased last year in comparison to 2020. operates three rail concessions in Africa:
Sitarail, Camrail and Benirail.
Additionally, it noted a rise in operating
Kenya’s profit declines to expenses attributable to rebranding costs involved in Africa, notably through Canal+,
“The Bollore Group will remain strongly
linked to the rollout of a new brand name,
$23.4mn TotalEnergies, and increased business and will also continue to develop on this
continent its activities in numerous sectors
activities compared to 2020.
TotalEnergies Marketing Kenya Plc reported Fachini said the increase in working capital such as communications, entertainment,
this week that its after-tax profit declined to requirements emanating from increased oil telecommunications and publishing,” the
KES2.7bn ($23.4mn) for the 12-month period prices led to a net financial loss of KES66mn, company said in a March 31 press release.
ending on December 31, 2021, down from compared to a net profit of of KES86mn MSC, a Geneva-based global shipping
KES3.2bn in 2020. in 2020. He also stated that the company company with more than 100,000 employees,
The gross margin of the petroleum product had seen its foreign exchange losses drop has a fleet of 560 ships and more than
marketing firm, which is listed on the Nairobi substantially to KES56mn, down from 100,000 employees. It operates terminals
Securities Exchange (NSE), decreased to KES144mn the year before, “thanks to the from Singapore to Long Beach, California
KES8.8bn compared to KES9bn in 2020. The proactive management of transactions in via Rotterdam and also runs a road transport
shift was heavily influenced by a lag in price foreign currency and stability of the Kenya network.
adjustment arising from a sharp increase in shilling against the US dollar in the year.” BNE
fuel costs. Meanwhile, the company’s total assets
TotalEnergies Marketing Kenya said its amounted to KES40.03bn last year, compared
directors have recommended payment of to KES42.99bn in 2020. FUELS
a first and final dividend of KES1.31 per BNE
share for the year ending December 31, Local refining won’t reduce
2021 (down from from the 2020 dividend MSC buying Bollore’s
of KES1.57), payable on or around July 30, pump price of fuel much
2021. This recommendation will be subject to African logistics unit for
shareholder approval at the company’s virtual President of Petroleum and Natural
annual general meeting (AGM), which is EUR5.7bn Gas Senior Staff Association of Nigeria,
scheduled to take place on June 24. PENGASSAN, Festus Osifo, speaks on
Eric Fachini, the managing director of French industrial and logistics group local refining of crude, refineries, pipelines
TotalEnergies Marketing Kenya, noted that Bollore has agreed to sell its African logistics vandalism, among others.
the company’s results had been affected by business to Italian-Swiss shipowner MSC For us, one of the things that we feel that
the fact that the Kenyan economy showed Mediterranean Shipping Co, the world’s government must do is to get the refineries
signs of recovery in 2021, after sustaining largest container line, in a deal with an to work. But I must warn that our refineries
damage from the COVID-19 pandemic in the enterprise value of EUR5.7bn. working is not a panacea for us to buy a very
previous year. MSC will buy 100% of Bollore Africa cheap Premium Motor Spirit, PMS (Petrol).
Global oil prices also moved upwards Logistics, comprising all the company’s It is not. We need to understand that. If our
last year, supported by increased energy transport and logistics activities on the refineries are working today, crude oil is going
demand, he reported. This rise in global continent, subject to regulatory approval and to be sold to our refineries at international
oil prices increased fuel costs in Kenya, as Bollore counterparties, expected to take place market price.
well as working capital requirements for by the end of Q1 2023. Let us assume that Total and ExonMobil
TotalEnergies Marketing, he explained. Bollore Africa Logistics has a network of have their terminals close to one refinery,
Meanwhile, the company also said its 250 subsidiaries and almost 21,000 employees ExonMobil and Total are going to sell crude
revenues from diversified investments in in 49 countries, including 47 in Africa, and to such refinery at international market price.

P14 www. NEWSBASE .com Week 14 07•April•2022