Total Kenya H1 pretax profits up 772 pct

NAIROBI, (Reuters)

Total Kenya TOTL.NR posted a first-half surge in pretax profits on Thursday due largely to boosted sales volumes following its buy-out of Chevron Kenya. Part of the French firm Total TOTF.PA, the company said profit before tax leapt 772 percent to 481.04 million shillings ($5.96 million).

"The management is optimistic that the performance of the second half will be in line with projections, provided that there will be improved product flow to upcountry locations through the Kenya pipeline system and stability in international prices," it said in a statement.

Its turnover more than doubled to 38.99 billion shillings from 15.32 billion shillings previously. "This was mainly driven by the effect of the merger coupled with very good performance in the general trade and network channels," Total Kenya said. "Turnover went up as a result although a small part of this was a attributable to increases in international oil prices."