Rubis Energy Kenya’s revenue rose 17.8 percent to pound 541 million (Sh81.15 billion) in the first half of 2026, as stronger commercial activity lifted its business despite intense competition.
The French oil marketer’s Kenyan revenue increased from pound 455 million (Sh68.91 billion) in the first half of 2025, marking a sharper recovery in both reported sales and the local currency value.
Rubis attributed the latest performance to stronger commercial momentum and customer activity, with the biggest gains coming as its commercial and industrial business recorded higher margins in Kenya.
‘The Commercial and Industrial business (C and I, representing 33 percent of fuel volume and 30 percent of H1 fuel gross margin) increased by nine percent in volume. Margins increased by 19 percent year-on-year,’ said the multinational’s parent firm Rubis Énergie.
‘Haiti was the main contributor to volume growth while Kenya saw a significant increase in its margin, benefiting from solid commercial momentum and strong customer activity.’
The improvement comes despite a highly competitive Kenyan petroleum market, particularly in aviation fuel, where Rubis said it continued prioritising margins over volumes rather than chasing market share.
The company reported that the Kenyan aviation segment remained competitive during the period, limiting its ability to pursue volume growth even as the wider aviation business improved profitability.
The latest performance contrasts with the weaker picture in euro terms last year, when Rubis Kenya’s revenue fell from pound 488 million in the first half of 2024 to pound 455 million in 2025 despite higher sales in shilling terms.
The reversal partly reflects the greater stability of the shilling against major currencies, reducing the translation losses that had previously masked growth in the Kenyan operation when results were converted into euros.
The Central Bank of Kenya (CBK) said the shilling averaged Sh129.28 against the dollar in the fourth quarter of 2025, virtually unchanged from Sh129.32 a year earlier, although it weakened against the euro.
By June 2026, the shilling was trading at about Sh149.99 to the euro, with daily rates remaining around the Sh147-Sh150 range during the month, providing a relatively stable base for reporting local revenues.
Rubis’ wider African operations also strengthened during the period under review, with Africa generating pound 1.69 billion in revenue during the first half, up 39 percent from pound 1.22 billion a year earlier.
Kenya accounted for about a third of Rubis’ African revenue, underscoring the country’s importance to the French group’s energy distribution business and its broader growth strategy on the continent.
The growth is occurring against sustained demand for petroleum products, with Kenya’s diesel consumption rising 10.6 percent to 1.3 million tonnes in the six months to June 2026 while petroleum consumption rose by 8.5 percent to 866,170 tonnes.
The demand provides the underlying market for oil marketers, whose revenues are influenced not only by volumes sold but also by pump prices, margins, product mix and movements in the cost of imported petroleum.
Rubis said its global fuel volumes increased six percent during the first half, while gross margins from fuel rose 13 percent, reflecting stronger commercial performance across its markets.
Across all products, Rubis’ energy distribution business sold 3.48 million cubic metres during the period, nine percent more than the 3.2 million cubic metres recorded in the first half of 2025.
Bitumen was the fastest-growing product globally, with volumes increasing 44 percent and gross margin rising 54 percent, reflecting stronger construction and infrastructure-related demand across several markets.
In Kenya, the stronger first-half revenue comes as the petroleum industry faces a changing demand environment, with businesses and households remaining sensitive to pump prices and the cost of transport.
The government’s fuel-pricing system continues to regulate maximum retail prices through monthly reviews by EPRA, limiting the extent to which oil marketers can independently adjust pump prices.
The improved performance also come as Kenya’s currency has entered a period of relative stability after the sharp depreciation that had raised import costs and complicated financial reporting for businesses.