The Lower Eastern Times Opening The Third Eye
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The Kenya Pipeline Company (KPC) has announced a profit before tax of Sh10 billion for the financial year ending June 30, 2024, marking a 32% increase from the previous year’s Sh7.6 billion.
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This growth is attributed to a 15% rise in revenue, from Sh30.9 billion to Sh35.4 billion, driven by higher sales volumes and favorable foreign exchange rates.
Total throughput volumes grew by 6% to 9.1 million cubic meters (M³), with domestic volumes slightly up at 4.5 million M³, while export volumes jumped by 12% to 4.7 million M³, reflecting KPC’s improved operational capacity.
KPC’s Board Chairperson, Faith Bett-Boinett, credited the strong performance to enhanced efficiency.
“Our updated Vision 2025 Strategic Plan ensures that we stay responsive to market changes while maintaining operational excellence. The recent ISO Integrated Management System (IMS) certification further reinforces our commitment to global standards,” Bett-Boinett said.
Managing Director Joe Sang emphasized KPC’s focus on sustainable growth and innovation.
“We are committed to investing in our people, infrastructure, and technology to exceed the expectations of our customers and stakeholders. The next phase of our journey will be defined by excellence, resilience, and vision,” he stated.
Sang also revealed KPC’s acquisition of Kenya Petroleum Refineries Limited (KPRL), which the company had operated under a lease since 2017. This acquisition aims to utilize KPRL’s fuel storage assets to enhance Kenya’s role as a regional oil and gas hub.
To improve efficiency, KPC is investing in key projects, including leak and intrusion detection systems, a Supervisory Control and Data Acquisition (SCADA) system, capacity upgrades for Line IV (Nairobi-Eldoret), and a bottom-loading facility at the Nairobi Terminal (PS10).
In addition to its core business of petroleum transportation and storage, KPC is exploring alternative revenue streams, such as fiber optic cable services, the Morendat Institute of Oil and Gas (MIOG), and investments in Liquefied Petroleum Gas (LPG).
