French energy group Rubis grew revenue from its Kenyan business by 19% to €541 million (KSh 79.8 billion) in the first half of 2026 from €455 million in the same period last year, as stronger commercial and industrial margins helped offset intensifying competition in the petroleum market.
- •In shilling terms, revenue increased by about 16% from KSh 69.0 billion, using the respective June exchange rates of KSh 151.65 and KSh 147.51 to the euro.
- •The French group singled out Kenya as a strong performer in its commercial and industrial business, reporting a significant increase in margins alongside solid commercial momentum and strong customer activity.
- •Across Rubis, commercial and industrial fuel volumes rose 9%, while gross margin increased 19%.
The gains helped counter pressure in aviation, where competition in Kenya remained challenging. Rubis said it prioritised preserving margins over chasing volumes, continuing a strategy adopted amid competitive pressure throughout 2025.
Kenya’s performance came as Rubis recorded stronger results across Africa with revenue from its African operations rising 36% to €1.73 billion, while EBITDA increased 31% to €162 million. Within Retail and Marketing, revenue jumped 39% to €1.69 billion and EBITDA advanced 33% to €122 million.
Kenya’s €541 million revenue represented about 31% of the group’s €1.73 billion African revenue during the half.
The margin improvement significantly outpaced fuel demand. African Retail and Marketing volumes increased just 3% to 1.55 million cubic metres, while gross margin surged 31% to €184 million. In the second quarter alone, volumes declined 1% but gross margin jumped 42% to €101 million.
Rubis said fuel operating conditions improved in East Africa. Lubricants also expanded, particularly in East Africa, while the group continued developing higher-value products.
The revenue growth comes despite Rubis losing ground in Kenya’s petroleum market before the start of 2026. Its market share fell to 13.77% in the six months to December 2025 from 15.43% at June, allowing TotalEnergies to overtake it for second place at 14.01%. Vivo Energy remained the largest marketer with 20.56%.
Rubis sold 434,601 cubic metres of petroleum products in Kenya during July-December 2025, compared with TotalEnergies’ 441,929 cubic metres and Vivo Energy’s 648,668 cubic metres.
Kenya’s €541 million revenue represented about 31% of the group’s €1.73 billion African revenue during the half. At group level, Rubis’ EBITDA rose 18% to €434 million, prompting the company to raise its 2026 EBITDA guidance to €775 million-€825 million from €740 million-€790 million previously.
