Rubis Energy reported a 7 per cent dip in revenues in Kenya when reported in Euros to €455 million in the first half of this year from €488 million in the same period last year. When reported in Kenya Shillings, the revenues grew by 2.4 per cent to Sh69 billion from Sh67.5 billion in the first half of last year.
Rubis generated €1.27 billion (Sh192 billion) from Africa, with about 36 per cent of that revenue generated in Kenya. The company told investors that operating conditions in its retail and marketing business in Kenya have improved, with the shilling relatively stable during the period.
The company said in its interim report that the adjustment to the fuel pricing formula done in March of this year by EPRA, the energy regulator in Kenya, lifted its unit margins in Kenya by 3 per cent.
As of the last fuel price review, super petrol retails at Sh184.52 per litre in Nairobi with oil marketing companies’ earning a margin of Sh17.39, or 9.4 per cent of the price. This is a significant increase in the margins earned by oil firms in Kenya compared to just Sh5.36, or 4% of the price, in June last year.
Rubis Energy sold its stock of treasury bonds worth Sh5.2 billion during the first six months of the year. The company did not disclose whether it made a gain or a loss upon disposal of the government securities.
TotalEnergies also disposed its treasury bonds worth Sh7.7 billion in the year ended 31st December 2024, reporting a loss of Sh222 million upon disposal of the bonds. The government converted billions of shillings owed to oil marketing companies into government securities as compensation for fuel subsidies.
Rubis Energy holds a market share of 15.96 per cent in Kenya just ahead of TotalEnergies at 14.53 per cent while Vivo Energy dominates with a market share of 21.34 per cent as per data released by Petroleum Institute of East Africa as of 31st March 2025.
