KenolKobil #ticker:KENO has said it will complete writing off a Sh1.8 billion debt owed by the defunct Kenya Petroleum Refineries Ltd (KPRL) in December after two and a half years of sustained impairments.
The oil marketer recorded the latest impairment of Sh300 million in the half year ended June when its net profit rose by a fifth to Sh1.4 billion. This raises the cumulative write-offs to Sh1.5 billion, leaving a balance of Sh300 million which will be provided for in the current financial year.
