Oil firm TotalEnergies Marketing Kenya’s net profit for the six months to June 2026 grew 21.2 percent, lifted by higher product sales despite expensive pump prices following disruptions from the Middle East conflict.
The listed oil marketer reported a net profit of Sh1.33 billion in the half-year to June compared to Sh1.1 billion posted in a similar period in the previous year.
This followed a 19 percent increase in revenues to Sh84.4 billion, coming in a period when global fuel prices climbed significantly due to the US-Israel war against Iran, which disrupted key trading channels, including the Strait of Hormuz.
“Despite volatility in the global energy markets, the company delivered a strong performance with profit before tax increasing to Sh2.16 billion from Sh1.41 billion in 2025,” said the company in a public notice.
“Gross profit rose to Sh6.14 billion from Sh5.32 billion, supported by higher sales volumes across all business segments,” it added. Total’s indirect taxes and duties rose by 2.6 percent, slower than the 19 percent growth in revenues, signalling lower remittances at a time when the government halved value added tax levied on fuel to eight percent.
The oil marketer's profit before tax grew at a faster pace of 53.2 percent compared to net earnings, indicating a higher tax charge for the business.
Its cost of sales rose by 26.7 percent to Sh57.7 billion, capturing the higher fuel sourcing prices.
Data from the Kenya National Bureau of Statistics shows diesel and petroleum use increased by an average of nine percent despite pump prices rising past the Sh200 mark.
Diesel prices in the first six months of 2026 averaged at Sh192.77 per litre, up 15.8 percent from last year’s Sh166.48, while that of super petrol was roughly Sh194.87, up 10.2 percent from Sh176.76.
Total’s other income increased to Sh868 million compared to Sh753 million a year earlier, driven by continued growth in shops, food and services and third-party partnerships.
The company also benefited from lower financing costs, which declined 17.1 percent to Sh550 million as a result of lower borrowing rates in tandem with declining interest rates in the market.
Management of the oil marketer did not announce an interim dividend despite the profit growth.
