French oil multinational Rubis made Sh132 billion in revenues from its Kenyan operation last year as the firm recorded the highest growth in sales among the top three oil majors locally.
Financial disclosures show that this was a 44 percent jump from Sh91.7 billion made two years ago amid stiff competition from its rival TotalEnergies Marketing Kenya and the dominant Vivo Energy.
Vivo Energy’s revenues jumped 38 percent to Sh221 billion last year while TotalEnergies made Sh141.34 billion in revenues, reflecting a 28 percent growth from 2021.
The three majors who control over half of the Kenyan fuel market are on an aggressive expansion spree in the race to grow sales in East Africa’s biggest economy.
“Revenue generated in Kenya amounted to €996 million as of December 31, 2022. In Kenya, network sales are up 39 percent in 2022 and 28 percent overall in East Africa with gross margins doubling,” Rubis says in its financial disclosures for the year ended December.
The three dealers have in the last few years been on aggressive expansion mainly in Nairobi and along major highways.
TotalEnergies opened its 232nd service station in February, turning up the heat on Vivo Energy which had 286 stations at the end of last year.
Rubis and TotalEnergies did not disclose the volumes of fuel they sold in the Kenyan market last year. Vivo Energy meanwhile said it sold 1.49 billion litres of fuel in the period, an 8.7 percent rise from 1.37 billion litres in 2021.
The revenues for Rubis include fuel and lubricants while those for Vivo Energy and TotalEnergies are only for fuel.
Rubis is the third largest oil marketer in Kenya with a share of 10.02 percent or 574.93 million litres based on sales volumes for last year, behind TotalEnergies with 17 percent of 992.46 million litres in the period.
Vivo Energies is the biggest marketer in Kenya commanding nearly a quarter of the market (23.83 percent) or 1.367 billion litres, based on official consumption data from the Energy and Petroleum Regulatory Authority.