Rubis Africa revenue jumps 54% to €909 million as Kenya fuel sales drive growth

Rubis Africa has posted a sharp increase in third-quarter revenue, with earnings rising 54 per cent to €909 million as improved fuel margins, higher international oil prices and stronger retail sales in Kenya boosted the company's performance across the region.

The growth, recorded in the three months to September 2026, was supported by better fuel pricing conditions and increased demand in selected business segments, with Kenya emerging as one of the key markets contributing to the group's improved results.

According to the company's latest financial update, gross margins from its African operations increased by 16 per cent to €84 million, even as sales volumes recorded a modest one per cent growth during the quarter.

The figures point to improved returns from fuel sales, with better pricing conditions and higher oil prices playing a major role in driving revenue and margins across the company's African business.

Kenya's contribution was particularly evident in the retail fuel segment, where sales improved following changes to the East African fuel pricing formula.

The adjustments to the regional pricing framework helped improve fuel margins, allowing the company to generate better returns from its retail operations.

Rubis also reported stronger performance in its lubricants business, with Kenya leading growth in the segment.

At group level, lubricants volumes increased by 19 per cent, while gross margins rose by 42 per cent, reflecting improved business performance during the reporting period.

However, the company's aviation business in Kenya continued to experience difficulties, highlighting differences in performance across its various operations.

While retail fuel and lubricants recorded improvements, the continued pressure on aviation operations presented a contrasting picture of the company's business in the country.

Across the wider group, Rubis reported a 44 per cent increase in third-quarter revenue to €2.28 billion, partly driven by higher international oil prices.

Fuel margins across its operations grew by 13 per cent, while bitumen volumes surged by 82 per cent during the same period.

The increase in bitumen sales points to stronger activity in the segment, which supplies materials used in road construction and other infrastructure projects.

Despite African sales volumes increasing by only one per cent, the 16 per cent growth in gross margins showed the impact of improved pricing conditions on the company's regional performance.

The positive performance was also reflected in the company's cumulative results for the first nine months of 2026.

For the period ending September, Rubis Africa recorded a 44 per cent increase in revenue to €2.60 billion, maintaining strong growth momentum across its operations.

The nine-month results reflect the contribution of improved fuel trading conditions and stronger performance in selected business segments, particularly retail fuel and lubricants.

The company's performance comes amid changing conditions in the international oil market, where movements in crude oil prices continue to influence petroleum product costs, revenue and margins for energy companies.

Higher oil prices contributed to the increase in Rubis' reported revenue during the quarter, although higher turnover does not automatically translate into an equivalent rise in profits.

The growth in gross margins offers a clearer indication of the improvement in the company's operating performance, particularly in Africa, where margins increased at a faster rate than sales volumes.

Rubis has meanwhile maintained its financial projections for the full 2026 financial year, retaining its earnings before interest, taxes, depreciation and amortisation (EBITDA) target of between €775 million and €825 million.

The company said it remained confident in its earnings outlook despite varying operating conditions across its markets.

EBITDA measures a company's operating performance before interest, taxes, depreciation and amortisation costs and is commonly used to assess the strength of its core business activities.

The retained target signals that Rubis expects to sustain its earnings performance through the remainder of the year, supported by its fuel retail, lubricants and other energy-related operations.

For Kenya, the latest figures highlight the importance of the retail fuel and lubricants businesses in supporting Rubis' regional performance, even as its aviation operations continue to face challenges.

The company will now be seeking to maintain the improved margins and business performance as it heads into the final quarter of the 2026 financial year.