Wednesday, May 29, 2024

Engen Botswana praises 2012 as its best year ever

Engen Botswana Limited, the sole petroleum company on the Botswana Stock Exchange (BSE), said 2012 will go down in its history books as its best year since the company started operations.

“In spite of some setbacks, 2012 has been recorded as one of the most successful years in recent history,” it said.

In its results to December 31, 2012 the commercial side– driven by mining — ballooned by 30 percent┬á compared to the last reporting period.

“This phenomenal growth was as a result of increased sales to the mining, distributor to gasses segments”.

The group’s total revenue bubbled up by 64.6 percent to P2.2 billion underpinned by┬ánew┬ámining contracts acquired towards the end of 2011, it reported in its full year results.

Profit┬áafter tax shot-up 44.2 percent to P120 million while earning per share was up to 75.3 thebe from 52.2 thebe per share against┬áyester year. The robust performance was applauded by the management of the company as it┬ástated that its long term strategy will be on “retail innovation, commercial value adding┬ásolutions”┬áin a bid to differentiate itself from its peers in the market.

The group also announced that two new service stations were opened in Gaborone during the period under review adding that three new ones will be opened in the northern part of the country in 2013.

The two in Gaborone brings the total number of its service stations to 44ÔÇösprawled across the country.

“Two new retail outlets in Gaborone were commissioned during the fourth quarter of┬á2012 and the performance level far exceeds┬áour expectations.”

It said the supply of fuel into Botswana defied transport disruption caused by┬átruck drivers’ strike in South Africa during September and October┬áand the unplanned shutdown of some of the refineries during the course of┬álast year.

Engen Botswana  results were also helped by the introduction of its new fuel called Primax 93 unleaded petrol and Dynamic Diesel, which were well received by the market. It also pointed out that its inventory was valued at P167 million, from P144 million, and was helped by volatile price increases over the year.

The company declared dividend of 32 thebe per share to shareholders registered by the close of business on April 12, 2013. It closed business on Friday trading flat at 675 thebe per share as investors were still digesting its results.


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