French multinational oil firm Rubis' revenues in the Kenyan market grew 2 percent to Sh68.91 billion in the first half of this year, as the firm reaped from the increased fuel demand locally.
Disclosures by the parent firm, Rubis Énergie however shows that the revenues when reported in euros dipped to €455 million compared to €488 million in the same period last year, underscoring the impact of fluctuating exchange rates of the shilling against major global currencies.
Fuel demand in Kenya in the first half of this year hit a record 1.93 million tonnes which was a jump of 9.4 percent from 1.76 million metric tonnes in the same period of last year.
Rubis says that operating conditions in the Kenyan market improved in the first half of this year, on a combination of increased fuel consumption, zero forex losses and higher operating margins for oil marketers.
“This strong achievement is explained by Kenya where a first step in the adjustment of the pricing formula took place mid-March 2025. This led to an increase of unit margins by three percent over the first half,” Rubis Énergie added in the report.
Rubis did not disclose the volumes of petrol, diesel and kerosene that it sold in the Kenyan market in this year’s first half.
These figures are likely to be revealed when the Energy and Petroleum Regulatory Authority (Epra) releases the sector report for the six months to June this year.
Epra increased margins for oil marketers to Sh15.24 from Sh12.39 per litre of petrol, while those for diesel rose to Sh15.16 from Sh12.36 per litre. Margins for a litre of kerosene increased to Sh15.09 from Sh12.36.
Higher margins for the oil marketers is critical in easing the impact of increased operational costs, underlining one of the reasons why Rubis lauded the improved working conditions in Kenya.
The French oil major also revealed that it did not report forex losses in the first half of this year, which was a major boost given that it took a €14m (Sh1.93 billion) forex hit in the same period of last year.
“Lastly, in Africa, operating conditions improved both in Nigeria and Kenya and local currencies were overall stable,” the oil marketer says in its latest financial report.
Rubis is the second biggest oil marketer in Kenya, commanding a share of 14.89 percent behind Vivo Energy at 18.95 percent as at June this year. TotalEnergies Marketing Kenya is third with a share of 14.69 percent, based on a recent report by industry lobby, Petroleum Institute of East Africa.
Majority of oil marketers in Kenya are likely to record improved performance in the wake of the increased fuel demand in the first half of the year and higher margins as set by Epra.
Total reported a net profit of Sh1.1 billion in the first half of this year, compared to Sh938.5 million a year earlier. Vivo Energy is yet to announce its half year results.
