Vivo Energy Kenya Records 5% Decline in Revenue
Vivo energy Kenya unit recorded a revenue decline of five per cent from Sh134 billion in 2017 to Sh127 billion in December 2018.
The firm’s operations in 24 African countries made a combined profit of Sh14.6 billion in 2018. It recorded a 13 per cent overall increase in its revenues to Sh755 billion in 2018 compared to Sh669 billion in 2017 according to filings on the London Stock Exchange.
It is the largest oil marketer in Kenya with a market share of 19.5 per cent followed by Total at 16.3 per cent and KenolKobil’s 13.8 per cent.
In 2018, Vivo Energy finalised on a deal to acquire Engen’s operation in eight African countries including Kenya for Sh20 billion, the transaction is scheduled to end in March.
When completed, owners of Engen will have a five per cent share in Vivo energy.