Engen Botswana Limited has excelled through 2020 financial year despite the pandemic effects, Chimweta Monga has revealed.
In his annual report statement for the financial year which ended in 31 December 2020, the Managing Director Monga announced, “Despite the very difficult circumstances the company performed very well in terms of net operating earnings after tax. Credit management was particularly good despite a lot of pressure, but the credit portfolio was well managed with no write offs or provisions reported. In this regard Engen Botswana fared better than some of its affiliates who were forced to write off large amounts from mining and transportation customers due to the difficult economic conditions across the globe in general and southern Africa in particular.”
Even though there were lockdowns and curfews which limited trading hours for most businesses, including fuel stations, Monga says Engen Botswana Limited maintained a strong morale to come out tops.
Most of 2020 was characterized by lockdowns and curfews which limited movements. At some point, there was shortage in fuel countrywide to the extent that fuel was rationed to salvage the situation.
Despite the aforementioned, Engen Botswana Limited Managing Director maintains that the fuel supply was “excellent”.
“Our supply capability during the year was excellent in the face of the of COVID-19 restrictions and constraints. Despite the serious fire at the Engen Durban refinery in December, no shortages of fuel supplies were experienced by Engen locally due to the effectiveness of our comprehensive business continuity planning.” Monga held.
According to the company’s financial highlights, the sales volumes for 2020 financial year stood at Three hundred and seven million (307 million) litres against Three hundred and Thirty-nine million (339 million) litres in 2019. Two point three billion Pula (P2.3 billion) in revenue was recorded against the preceding financial year’s Two point nine billion pula (P2.9 billion). In operating profit, the company recorded Ninety-eight million pula (P98 million) against 2019’s Hundred and Twenty-nine million pula (P129 million).
