M a r k e t N e w s

Total Kenya parent firm's profits surge as oil prices rise

Posted on : Friday , 11th August 2017

 French oil company Total said Thursday underlying profits gushed higher in the second quarter thanks to a recovery in the price of oil, with the company also benefitting from increased output.

 
The firm's measure of adjusted profits that excludes exceptional items climbed 14 per cent from the same period last year to $2.5 billion (about Sh260 billion).
 
That beat the consensus forecast of analysts surveyed by financial data firm Factset, who were expecting on average $2.3 billion (about Sh239 billion) in adjusted profits.
 
While crude prices have slid since the beginning of the year as OPEC and Russia struggle to implement an accord to limit output, they are still considerably higher than one year ago, helping oil firms earnings comparisons on an annual basis.
Total said the average price of Brent crude, the main international oil contract, was up by 9 per cent in the second quarter from the same period last year.
 
Moreover, Total was able to increase its output by 3 per cent to 2.5 million barrels per day in oil equivalent thanks to new projects coming on line in Kazakhstan and Congo.
 
It expects production to rise over 4 per cent for the year as a whole.
 
"In a price environment that remains volatile, Total again delivered an excellent set of quarterly results," chief executive Patrick Pouyanne was quoted as saying in the company's earnings statement.
 
Total's efforts to improve its financial health over the past few years put the firm in a better position to deal with the uncertain market conditions where oil prices have remained low, he said.
 
"...the Group has the flexibility to take advantage of the low-cost environment by being able to launch profitable projects and acquire resources under attractive conditions," said Pouyanne.
 
Total shares were up 0.4 per cent in midmorning trading while the CAC 40 index in Paris was up 0.1 per cent overall.

Source : http://www.businessdailyafrica.com
Featured Companies
  • Bajaj Auto
  • Tire Group International, LLC.
  • /
  • TITAN Containers A/S
  • Your Banner HERE!

Complete List  

Advertisers in previous issue:

  • Manufacturer of heavy duty machinery
  •  K & S Financial Group is the link between the end buyer and a reputable Russian refinery.
  • Specialty and Custom Chemicals Exhibition
  •  TITAN Containers is one of the largest privately owned companies supplying containers for a multitude of applications.
  • FAS Flüssiggas-Anlagen GmbH, Salzgitter, is one of the leading manufacturers and suppliers of LPG fittings and components for complete stations for the storage
  • Bakery Equipment, Flour Mill, Bread Improver, Dried Fruit Processing machine
  • Chemicals,Environmental & Sewage,Treatment Laborotory;Equipments Analytical Equipments & Instraments;etc.
  •  SS Gas Lab Asia is a reputed engineering company, engaged in manufacturing of carbon dioxide gas plants, hydrogen gas plants, nitrogen dioxide gas plants, CO2 storage tanks, CO2 transportation tankers and dry ice plants.
  • The trusted source for all your heavy  equipment needs!
  • Automatic brick manufacturing machines
  • Vrushabh is one of the leading manufacturer and distributor of Conveyor Belts, Transmission Belts, Elevator Belts, PVC Belts.
  • Sonmez Makina Ltd. is a manufacturer and exporter company for filling systems of domestic use LPG cylinders.
  •  Ugur Seluloz Kimya A.S. is a leading Sodium Carboxymethyl Cellulose & Polyanionic Cellulose manufacturer, located in Turkey.
  •  The Western Group has been in business for over two decades and was set up primarily to service the Oil & Gas Industry Sectors.
  • A world class Rotary Gear Pumps for effective pumping and trasfer of all viscous & semi-viscous liquid like oils, chemicals, food products and more..
  • We offers high quality, Competitive price and satisfied service always
  • From a modest beginning in 1955, the IGP Group today provides over 50 products and services to the core sector.
  • Pumps for dewatering, ground water control, sludge and slurry handling.
  • VEGA Grieshaber KG is a world-leading supplier of level, switching and pressure instrumentation.
  •  Unipro was born to transmit and give it’s experience in trading high quality safety equipments ensuring high quality products under international standards required in the Oil and Gas, Mining, Construction, automotive, Steel and Chemical industries.
  • We manufacture; As Welded, Outer Diameter Conditioned, and Bead Hammered stainless steel tubing to ASTM standards We manufacture; As Welded, Outer Diameter Conditioned, and Bead Hammered stainless steel tubing to ASTM standards
  • Lavorwash is a world-leader in manufacturing high pressure cleaners and vacuum cleaners for household and professional use.
  • LINTEC doub- le screen technology and the worlds first asphalt mixing plant in 100% ISO sea containers.
  • Fuel Metering System
  • South African incinerator and cremator designer and manufacturer making significant inroads into overseas markets.
Afrotrade International Marketing, Tel: +971-50-6285684
© 1998-2019 Afrotrade