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KenolKobil FY 2016 net profit up 19%
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muandiwambeu
#21 Posted : Thursday, March 09, 2017 4:15:07 AM
Rank: Veteran

Joined: 8/28/2015
Posts: 1,247
VituVingiSana wrote:
sparkly wrote:
VituVingiSana wrote:
heri wrote:
VituVingiSana wrote:
heri wrote:
Has the profit growth slowed down. i was expecting higher profits and higher EPS of closer to 2 bob

The 600mn KPRL write-off. Otherwise it would have been 2/- (3bn)


Thanks. What is the total amount that needs to be written off?

It's interesting. They do not need to write it off BUT they will write it off to "clean up" the books. Could this be done to attract another buyer (eg Puma)?

Amount outstanding as @mlennyma said is 600mn more.

2H 2017 will have challenges but Jan and Feb were very good for volumes. Strong volumes, stable oil prices and stable KES all portend a better 2017.


These are tricks used by managers to secure their jobs. Segman could have turned around KK and returned it to +3B PBT in 3 yrs but posting 15% for 10 yrs wins accolades from shareholders while posting 1000% in 2 yrs then flatlining can lead to being fired.

Wenger knows it very well and tries his best not to win the premier league just so that he can retain his job.

The 600mn provisioned in 2016 & 500-600mn to be provisioned in 2017 aren't cash losses. As you said, when the courts ultimately rule in favor of OMCs, they could be written back to boost profits in a slow year. That said, folks aren't dumb enough not to see through it.

I do see fireworks here, guys will be burnt to recognition. Watching this space.
,Behold, a sower went forth to sow;....
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Spikes
#22 Posted : Thursday, March 09, 2017 4:17:46 AM
Rank: Elder

Joined: 9/20/2015
Posts: 2,811
Location: Mombasa
muandiwambeu wrote:
VituVingiSana wrote:
sparkly wrote:
VituVingiSana wrote:
heri wrote:
VituVingiSana wrote:
heri wrote:
Has the profit growth slowed down. i was expecting higher profits and higher EPS of closer to 2 bob

The 600mn KPRL write-off. Otherwise it would have been 2/- (3bn)


Thanks. What is the total amount that needs to be written off?

It's interesting. They do not need to write it off BUT they will write it off to "clean up" the books. Could this be done to attract another buyer (eg Puma)?

Amount outstanding as @mlennyma said is 600mn more.

2H 2017 will have challenges but Jan and Feb were very good for volumes. Strong volumes, stable oil prices and stable KES all portend a better 2017.


These are tricks used by managers to secure their jobs. Segman could have turned around KK and returned it to +3B PBT in 3 yrs but posting 15% for 10 yrs wins accolades from shareholders while posting 1000% in 2 yrs then flatlining can lead to being fired.

Wenger knows it very well and tries his best not to win the premier league just so that he can retain his job.

The 600mn provisioned in 2016 & 500-600mn to be provisioned in 2017 aren't cash losses. As you said, when the courts ultimately rule in favor of OMCs, they could be written back to boost profits in a slow year. That said, folks aren't dumb enough not to see through it.

I do see fireworks here, guys will be burnt to recognition. Watching this space.

Laughing out loudly Laughing out loudly Laughing out loudly
John 5:17 But Jesus replied, β€œMy Father is always working, and so am I.”
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VituVingiSana
#23 Posted : Thursday, March 09, 2017 8:28:27 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,349
Location: Nairobi
muandiwambeu wrote:
VituVingiSana wrote:
sparkly wrote:
VituVingiSana wrote:
heri wrote:
VituVingiSana wrote:
heri wrote:
Has the profit growth slowed down. i was expecting higher profits and higher EPS of closer to 2 bob

The 600mn KPRL write-off. Otherwise it would have been 2/- (3bn)


Thanks. What is the total amount that needs to be written off?

It's interesting. They do not need to write it off BUT they will write it off to "clean up" the books. Could this be done to attract another buyer (eg Puma)?

Amount outstanding as @mlennyma said is 600mn more.

2H 2017 will have challenges but Jan and Feb were very good for volumes. Strong volumes, stable oil prices and stable KES all portend a better 2017.


These are tricks used by managers to secure their jobs. Segman could have turned around KK and returned it to +3B PBT in 3 yrs but posting 15% for 10 yrs wins accolades from shareholders while posting 1000% in 2 yrs then flatlining can lead to being fired.

Wenger knows it very well and tries his best not to win the premier league just so that he can retain his job.

The 600mn provisioned in 2016 & 500-600mn to be provisioned in 2017 aren't cash losses. As you said, when the courts ultimately rule in favor of OMCs, they could be written back to boost profits in a slow year. That said, folks aren't dumb enough not to see through it.

I do see fireworks here, guys will be burnt to recognition. Watching this space.

With dividends! The write-back of KPRL amounts will be paid out as dividends. As Warren Buffett says: We don't mind lumpy earnings as long as the overall returns meet our expectations.

Ohana expects a better 1H 2017 vs 1H 2016. Elections make 2H 2017 difficult to figure out. Sad reality.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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  | | Edit by user: Thursday, March 09, 2017 8:30 AM | Reason: Not specified
Aguytrying
#24 Posted : Saturday, March 11, 2017 4:45:33 PM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
VituVingiSana wrote:
mlennyma wrote:
Kenolkobil reports FY group pre-tax profit 3.54 bln shillings.

March 7 (Reuters) - Kenolkobil Ltd
FY ended Dec 2016 profit before tax 3.54 billion shillings versus 2.78 billion shillings year ago

FY ended Dec 2016 group net sales of 103.50 billion shillings versus 86.55 billion shillings year ago
* Board recommends final dividend of 0.30cts

Quality. Even with lower oil prices turnover is up 20% and volumes +30% even after selling Tanzania operations.
Solid dividend. The outlook for 2017 looks even better according to Ohana.
30 new sites in 2016 which will add to volumes and profits in 2017.
Profits and cashflow unlike some firms we know.
πŸ‘πŸΌπŸ‘πŸΌπŸ‘πŸΌ

KPRL write-off of 600mn and perhaps more in 2017 but if and when it is paid it can be written back into profits. Total has sued KPRL and it can take 5 years but we can wait.


Impressive. KK is increasing revenue hence market share, this time with the profits to go with it.
The investor's chief problem - and even his worst enemy - is likely to be himself
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Kausha
#25 Posted : Sunday, March 12, 2017 11:28:43 AM
Rank: Member

Joined: 2/8/2007
Posts: 808
Certainly one of two excellent businesses on the NSE whose management is able to read, internalize the challenging environment and respond with brilliant execution.

The humility in Ohana is very admirable. I know of a few other CEOs who would be gloating and giving countless interviews or collecting PHDs on the back of such a recovery. I believe the media need to shine the spotlight on David for the remarkable turnaround especially coming in the wake of all that illumination that was wasted on Jonathan Ciano.
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VituVingiSana
#26 Posted : Sunday, March 12, 2017 11:42:30 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,349
Location: Nairobi
Ohana was clear that KK wants PROFITABLE market share. Not market share for the sake of market share. KK has reduced the number of dealer-owned stations in Ethiopia coz they were not as profitable as they could have been. Ethiopia is now profitable. All subsidiaries are profitable. Zambia and Burundi are debt free.

He has conceded KK will not be debt free in 2017 on the back on increased oil prices and larger market share which requires more Working Capital BUT the debt:equity and debt:turnover has dropped significantly. With oil prices between $50-60, debt will remain at current levels.

LPG sales are growing monthly as KK puts more cylinders into all its markets even Ethiopia.

As much as I want a buy-out, if there's none then KK will still grow its profits. Let's be clear, there will be good and bad days. Overall, KK can expect good growth in 2017 as long as we don't burn up the country in Aug/Sep!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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sparkly
#27 Posted : Sunday, March 12, 2017 3:09:39 PM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Kausha wrote:
Certainly one of two excellent businesses on the NSE whose management is able to read, internalize the challenging environment and respond with brilliant execution.

The humility in Ohana is very admirable. I know of a few other CEOs who would be gloating and giving countless interviews or collecting PHDs on the back of such a recovery. I believe the media need to shine the spotlight on David for the remarkable turnaround especially coming in the wake of all that illumination that was wasted on Jonathan Ciano.


Which is the other?
Life is short. Live passionately.
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  | | Edit by user: Sunday, March 12, 2017 3:11 PM | Reason: Not specified
Ericsson
#28 Posted : Sunday, March 12, 2017 9:38:40 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,808
Location: NAIROBI
KK borrowing increased from ksh.4.662bn to 7.330bn
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Horton
#29 Posted : Sunday, March 12, 2017 10:33:19 PM
Rank: Veteran

Joined: 8/30/2007
Posts: 1,558
Location: Nairobi
Ericsson wrote:
KK borrowing increased from ksh.4.662bn to 7.330bn



And seems like they hold it all in cash and cash equivalents
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mlennyma
#30 Posted : Monday, March 13, 2017 12:12:52 PM
Rank: Elder

Joined: 7/21/2010
Posts: 6,194
Location: nairobi
Down trend but volumes insignificant
"Don't let the fear of losing be greater than the excitement of winning."
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  | | Edit by user: Monday, March 13, 2017 1:13 PM | Reason: Not specified
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