Engen�s profits down as oil prices crash

Oil prices declined by over 50 percent last year
Oil prices declined by over 50 percent last year

The collapse of global crude oil prices has impacted adversely on the profit of Engen Botswana, a major fuel and lubricants supplier.

According to the group’s audited results for the year ended 31 December 2014, the company’s gross profit decreased by 26.9 percent from P247.4 million in 2013 to P180.9 million in 2014, mainly due to the decline in international crude oil prices.

International crude oil prices dropped from levels of over $100 per barrel at the beginning of 2014, to just under $50 per barrel by early January this year. Foreign exchange gains also decreased from P9.7 million at the end of 2013, to P1.4 million at the end of 2014 due to the depreciation of the Pula against the South African Rand.

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