Total Kenya managing director Alexis Vonk at a past event. File
Oil marketing firm Total Kenya has issued a profit warning for its full-year to December 2012, saying it is likely to lose a multi-million shilling oil supply court case relating to collapsed firm Triton.
The listed oil marketer is facing a Sh673.7 million ($7.9 million) claim before a London High court from Anglo–Swiss oil trading firm Glencore which financed Triton’s oil deliveries in 2008.
Total Kenya has warned investors that adjusting the firm’s accounts to include the settlement will result in a loss higher than the Sh71.4 million losses it recorded in 2011.
“That claim may result in a substantial settlement within March 2013,” managing director Alexis Vovk said in a regulatory filing to the Capital Markets Authority.
“Consequently, the company’s results for the full year 2012 will be a loss higher than that reported for the same period in 2011.”
Triton and Total Kenya had jointly won the tender for the provision of petroleum products to KenGen for thermal generation. However, in December 2008, Triton was placed under receivership after it failed to pay financiers Glencore, Fortis Bank of France and KCB Bank.
The firm reported a Sh243.6 million loss in the nine months to September 2012, compared to a net profit of Sh65.5 million during a similar period a year earlier.
Total Kenya’s market share has been dropping steadily from 27.5 in 2009 to 21.4 per cent last year.
Its shares were trading at Sh14.00 as at 0830 GMT, a 1.75 per cent dip from Monday’s average closing price as investors reacted to the profit warning.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
