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Kenya Pipeline Company (KPC) reported a 26 per cent rise in profits before tax for year ending June, 2014.

The state corporation posted Sh10.2 billion in profits before tax, up from Sh8.1 billion registered in a similar period in 2013.

Acting Managing Director Flora Okoth attributed the just-released results to improved domestic and export throughput, which she said were as a result of heavy investments in enhancing the pipeline’s capacity.

Domestic throughput went up 11.5 per cent to 5 billion while export throughput went up to 1.9 billion from 1.5 billion in 2013. This saw throughput revenue rise 8.4 per cent to Sh20 billion in 2014 as compared to Sh18.5 billion in 2013.

Mrs Okoth said the company observed a strict adherence to the approved budgets, thereby exercising stringent cost containment that has resulted in a 2.8 per cent marginal drop in operational costs. Its costs stood at Sh10.4 billion in 2014, down from Sh10.7 billion in 2013.

“The decrease in the operating expenditure is as a result of reduction in the provisions made for review of staff salaries,” she said during the company’s Annual General Meeting.

The corporation therefore closed with a cash reserve of Sh11.2 billion compared to Sh4.4billion at the end of 2013. The taxman received Sh1.9 billion in tax payments.

Capital projects Okoth outlined a number of capital projects the company intends to undertake with a view to improving access to petroleum products for the citizens.

KPC plans to replace the Mombasa–Nairobi Pipeline, which involves construction of a 20-inch diameter oil pipeline to replace the existing 14-inch pipeline that has been in existence for over 37 years.

The project is meant to meet product demand up to the year 2044. The project is expected to be completed next year. It is also constructing a parallel pipeline from Sinendet to Kisumu. This will see it construct a 122km, 10-inch oil pipeline. The line will operate parallel to the existing 6-inch diameter pipeline. The project to be completed next year will increase product supply to Kisumu depot.

Other projects include the Nairobi Liquefied Petroleum Gas (LPG) Storage and Bottling facility.

Source : in2eastafrica.net
Posted On: 8/21/2015 12:00:00 AM

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