Total reaps benefits from stronger shilling

A stable shilling has helped French oil marketer Total boost earnings by 8 percent from Sh958 million in the first half of last year to Sh1.03 billion in the six months to June.

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Total made Sh125.8 million in finance income after settling dollar debts and booked a Sh33.5 million foreign exchange gain from a Sh109 million loss last year.

“The foreign exchange gain is mainly attributed to the stability of the Kenyan shilling against the major currencies compared to more volatile exchange rates in the first half of 2017,” Anne Solange, Total Managing Director said.

See also: Total Kenya voices unease over change in land holdings law

The Kenya Shilling which has gained 2.7 percent year to date has been the 3rd best performing currency in the first half of the year worldwide.

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