KenolKobil Limited announced unaudited consolidated earnings results for the six months ended June 30, 2013. For the period, the company reported sales of KES 65,274,760,000 against KES 103,825,177,000 a year ago. EBITDA was KES 1,287,172,000 against LBITDA of KES 4,197,065,000 a year ago. Profit before income tax was KES 199,086,000 against loss before income tax of KES 5,683,516,000 a year ago. Profit was KES 147,364,000 against loss of KES 3,898,353,000 a year ago. Net cash generated from operations was KES 2,806,389,000 against net cash used in operating activities of KES 4,886,166,000 a year ago. The group sales volumes have deliberately been reduced and this has resulted in substantially improved gross margins. Net borrowings reduced by KES 1.5 billion, which levels should reduce further with initiatives of selling idle and non-productive assets.

The company announced that going forward, the group is optimistic that the outlook is good for achieving improved profitability during the second half of 2013 when most of the challenges from 2012 and early 2013 will have been resolved.