Hehehe @mkeiyd good analogy.
Alright for Kenol, slight improvements in core business:
Gross margin
Kenol 4%
Total 4%
EBITDA margin
Kenol 2%
Total 1.63%
Financing gain y/y over Sales
Kenol 6% on forex
Total 1.5% on financing
For Kenol, of the (5.6b) HY 2012 loss, a whopping 4b gain in HY 2013 from mitigating exchange losses. Assuming this position remained constant, Kenol would have reported a (3.9b) HY loss.
Quote:2013 Commentary
The Kenya Shilling and local currencies in countries where we operate, depreciated agains the US dollar during the dix months. Due to tight management of the forex exposure, the resulting exchange loss is within expectations.
2012 commentary
The most significant impact on perforamnce has been the from Foreign Exchange losses of KShs 4.2 billion during the priod. This was due to the realized losses from the Foreign Exchange hedge positions.
mkeiyd wrote:guru267 wrote:muganda wrote:Kenol profit attributable to forex
@muganda kindly refer me to this forex you and others keep on talking about in KKs earnings??
@guru, I believe this is the secong time you've put across the same question yet no one answers.
I think those who say profits are attributable to forex or costs containment just don't like oil stocks.
Factors that make a biz profitable are varied, if we start discounting each and every factor as @muganda is doing, what will we be left with?
It's like if Barca win through a Messi a goal,you say Barca ONLY won coz of Messi.