The Kenya Pipeline Company (KPC) has announced Ksh 10 billion in pretax profit for the 2023/2024 financial year, representing a 32% increase. The profit was mainly fueled by increased volumes that grew by 6% to 9.1 million cubic meters.
This saw revenue increasing 15% to Ksh 35.4 billion in the year ended June 2024, driven by higher sales volumes and favourable forex rates.
Domestic throughput volumes marginally increased 0.1% to 4.5 million cubic meters, while export volumes surged by 12% to 4.7 million cubic meters.
KPC Chairperson, Faith Bett–Boinett has credited the increased profits to enhanced operational efficiency.
“Our recent acquisition of ISO Integrated Management System (IMS) underscores our commitment to maintain the highest standards of operational excellence and compliance with international benchmarks,” she said.
On his part, KPC Managing Director Joe Sang, said: ‘‘Looking into the future, KPC remains dedicated to driving sustainable growth and innovation. We will continue to invest in our people, infrastructure, and technology to ensure that we not only meet but exceed the expectations of our customers and stakeholders. The next phase of our journey will be guided by the same principles of excellence, resilience, and vision that have brought us this far.”
Sang says KPC has completed the acquisition of the Kenya Petroleum Refineries Limited (KPRL), which has been operated by KPC under a lease agreement since the year 2017, underscoring the strategic importance of leveraging KPRL’s fuel storage assets to drive Kenya’s position as a regional oil and gas hub.
He says KPC is investing in capital projects like; Leak and intrusion detection and the Supervisory Control and Data Acquisition (SCADA) system, Line IV (Nairobi- Eldoret) capacity enhancement, and Nairobi Terminal (PS10) bottom loading facility.
Sang says KPC is also exploring alternative revenue streams such as Fiber Optic Cable (FOC), Morendat Institute of Oil and Gas (MIOG), and investments in Liquefied Petroleum Products (LPG).
