In a notice on the dailies, the company said in its forecasted financial results, that the 2024 profit after tax is expected to drop by 25% as compared to that of the year ending December 2023.
“The projected decline in the Company’s profit after tax was notably affected by the high interest rates which resulted in increased finance costs, compounded by a challenging and volatile business environment,” read a notice from Managing Director Thibault Flichy.
According to the company, there is however a positive outlook as interest rates have recently begun to decline, a trend that is expected to ease financial pressure and improve net income.
In its announcement on Tuesday, the company expressed its determination driving profitability and maintaining a positive cash flow.
“TotalEnergies Marketing Kenya PLC is confident that the initiatives implemented by Management to manage costs will yield improved performance in 2025.”
By Fridah Naliaka