Kobil Rwanda, a subsidiary of Kenolkobil group, has contributed the biggest percentage of subsidiary revenues to the group in the financial year 2009.
The group released its performance last week and said that it recorded a 47 percent rise in profit after tax in 2009.
General Manager Kobil Rwanda, Ido Granatstein revealed to Business Times on Thursday that all subsidiaries contributed 40 percent of the net profits after tax.
“Kobil Rwanda emerged as the most contributor followed by Uganda then Zambia,” Granatstein said.
According to the group official website, “during the 2009 calendar year, the group went through some challenging times.
”The 1st half of the year and in particular 1st Quarter 2009, the group experienced loss for the first time in many years. This was mainly in Kenya as a result of sharp drop in oil prices,” the on-line statement said.
Granatstein also revealed that in terms of income tax, Rwanda’s subsidiary was among the best performing.
”Kobil Rwanda is honoured to be in this position and we want to consolidate our position this year. It’s the government support and good working environment of the country that brought the success,” Granatstein added.
The on-line statement also stated that, “the group faced difficulties, the group managed to report strong and above expectation results after a very strong 2nd half performance across the Group particularly in Kenya.”
“A strong performance of all Subsidiaries outside Kenya throughout the year, substantial drop in cost of Financing coupled with capital gain from disposal of non-performing and non core assets also contributed much.”
It added that, for the full year under review compared with 12 months of 2008, net profit before tax went up by 34 percent and profit after tax up by 47%. Sales for the full year compared to Jan-Dec. 2008 were down by 17 percent, mainly due to lower cost of oil.
Kobil Rwanda was incorporated in Rwanda in 2002. In February 2006, the group acquired the entire shareholding of Shell Rwanda SARL in a deal which involved taking over an asset portfolio of 17 service stations and the operation of the largest depot facility in Kigali.
Currently Kobil Rwanda’s retail network stands at 45 stations mainly in Kigali and prime areas all over the country.