Rubis Energie has doubled its revenues and the number of petroleum products sold in Africa, after it acquired KenolKobil.
According to the firm’s Q3 results, combined revenues for its African units increased from KSh24.4 billion to KSh61 billion. This translates to 146% increase in profits.
According to a statement issued by the company, it sold 646,000 cubic metres of fuel during the period, of which the new East Africa scope contributed 337,000 cubic metres. This translates to a 111% growth.
Rubis is an international company specialized in the storage, distribution and sale of petroleum, liquefied petroleum gas (LPG), food and chemical products.
After Rubis’ successful takeover of KenolKobil, it became Kenya’s leading oil marketer with a combined market share of 21.2%, overtaking market leader Total that had a market share of 16.4%.
The firm acquired KenolKobil in March 2019 at a cost of KSh36 billion.
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