Kenya anchored the French energy powerhouse Rubis’ first-half 2025 performance, powering retail margin gains even as aviation volumes eased.

Rubis, which holds 2nd biggest market share in Kenya at 15.96%, also disclosed that its Kenyan subsidiaries sold about €34.7 million (KSh 5.3 billion) of Kenyan government securities during H1 2025, freeing up liquidity that had been tied up as collateral for past fuel subsidy payments since 2024.

Retail service stations, which account for half of Rubis’ fuel volumes in Africa, posted 5% volume growth and 8% gross margin growth.

In Kenya, the first step of a new fuel pricing formula took effect on March 25, 2025, raising unit margins by 3% during H1. A second step implemented in July is expected to lift performance further in H2.

While retail margins rose, aviation fuel volumes in Kenya were cut due to intense price competition as Rubis chose to prioritise margins over volumes.

Kenya also helped drive down Rubis’ financing costs.

Kenya’s non-current assets rose to €444 million (KSh 67.3 billion) in FY 2024 from €337 million (KSh 51.1 billion) in FY 2023, a 31.7% increase year-on-year.

Kenya booked €964 million (KSh 146.3 billion) in FY 2024 revenue, up 8.8% from €886 million (KSh 134.2 billion) in FY 2023.