Engen records a profit in 2018

 

Engen, Botswana’s only listed petroleum company has made a profit of P127, 3 million for the year ended December 2018.

This is contrary to last week’s edition in which we stated it was a loss. While the group which is managed by Chimweta Monga has  made a profit, the results are 13 percent lower than the previous reporting period in which they made a profit of P147, 5 million. In a statement, the company stated that, poor performance of the mining sector which led to the closure of one copper mine, has led to a decline in consumption of energy products.

Mines remain one of the country’s biggest consumers of petroleum products, as such any fall in this off take affects the sector. Meanwhile, the company has announced that, its retail network remains its biggest critical hence more investments are being channeled towards expanding retail and convenience shops across the country. Engen is also diversifying its commercial channels sales.

More work is being done to improve the company’s efficiency. The group also recognizes shareholders support hence they will work hard to ensure post improved and sustainable financial results in future. Meanwhile, company directors have declared a dividend of 39, 867 thebe per share for the year under review.