Rubis Energy recorded revenue of Ksh141 billion in Kenya for the financial year ending December 31, 2024, marking a 6.8% increase from Ksh132 billion posted in 2023.

The French multinational has in its annual financial statement attributed the growth to a rebound in sales following a rebranding effort and a rise in aviation fuel volumes.  

Moreover, the company’s overall revenue across its global operations reached Ksh974 billion, showing a strong market presence despite regional disparities in performance.

However, the company’s African operations, particularly in Kenya, faced headwinds. Narrowing profit margins per litre of fuel sold in Kenya significantly dented the group’s overall profitability on the continent.

Rubis reported a 42% drop in earnings from its African segment, though it did not disclose Kenya-specific profit figures.

Rubis Energy’s Performance in Kenya

However, structural challenges, such as the aggressive pricing of small operators and a complex macroeconomic landscape, eroded profitability.

EBITDA and EBIT in Africa fell sharply by 31% and 42%, respectively, after adjusting for a €11.3 million repayment received in Madagascar in 2023 for the 2022 financial year.

In addition, revenue from Rubis Energy’s African operations dropped by 12% to Ksh310 billion (€2.12 billion), down from Ksh350 billion (€2.39 billion) in 2023.

Despite this, Kenya contributed Ksh141 billion (€964 million) in revenue in 2024. 

On the other hand, a planned revaluation of network unit margins by the Kenyan government is expected in mid-2025, which could help stabilize the situation moving forward.

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Regionally, the company maintained strong investment momentum in Africa, injecting Ksh8.5 billion (€58 million) in 2024.

EPRA Ranking

Energy and Petroleum Regulatory Authority (EPRA) data indicates that Rubis sold 464.5 million litres of fuel between July and December 2024. 

This placed it second to market leader Vivo Energy, securing a 15.96% share of the Kenyan market. 

Third on the list is TotalEnergies Marketing Kenya Plc which holds a 14.53% share, with total sales of 422,882.76 cubic meters, maintaining its presence in the market.

Rubis’s 2024 performance shows the evolving dynamics of Kenya’s fuel retail market, where high sales volumes do not necessarily guarantee high profitability.