Engen Volumes Increase Despite Oil Prices Rise

10 November, 2009 in Botswana, Business

source: Mmegi
Staff Writer

Engen Botswana volumes have increased despite the upturn in international oil prices, which has seen local fuel pump prices going up. The company published first half-year results to September 2009, reporting a 17.3 percent increase in Earnings Per Share to P0.26.

Though volumes increased by 18 percent, revenue declined by 23 percent year to year to P555.3 million. Gross profit increased by 10.7 percent to P84.3 million on the back of a 27 percent decline in cost of sales, with the gross profit margin improving by 450 basis points to 15.1 percent.

A 15.9 percent increase in operating expenses was off-set by a 155.7 percent increase in [continue reading]