By The Weekly Vision Business Desk
Kenya’s contribution to Vivo Energy’s pan-African fuel and lubricants business remained virtually unchanged in the financial year ended 31 December 2025, even as the group’s overall revenue jumped by more than 16 per cent, according to disaggregated figures contained in the company’s newly published annual report.
Vivo Energy Limited, the Vitol Group-backed operator that retails fuel and lubricants across Africa under the Shell and Engen brands, reported revenue from Kenya of $1,474 million, approximately KSh191 billion, for the year, up marginally from $1,473 million in 2024.
The $1 million movement amounts to essentially flat performance, a notable pause for a market that has historically been one of the group’s larger contributors on the continent.
The figures are drawn from Note 3 of the consolidated financial statements, which disaggregates total revenue from customers by “material country”. Kenya was the third-largest market by this measure, trailing South Africa and Morocco, but ahead of Senegal, Côte d’Ivoire and Uganda. The stagnation in Kenya stands in sharp contrast to the group’s broader trajectory.
Total revenue from contracts with customers rose to $19,212 million in 2025, up from $16,455 million a year earlier, while total revenue, including rental income, reached $19,224 million against $16,473 million in 2024. South Africa drove much of that growth, with revenue nearly doubling to $6,278 million from $3,581 million, making it comfortably Vivo Energy’s largest single market.
Senegal, Côte d’Ivoire and Uganda all posted double-digit percentage gains, while Morocco’s contribution was broadly stable at $2,021 million, compared with $2,038 million in 2024.
Kenya’s flat showing means the country’s share of group revenue effectively shrank, even as its absolute revenue held steady, underscoring how quickly the balance of Vivo Energy’s continental portfolio is shifting towards its southern African operations. For Kenyan motorists and investors, the numbers offer a mixed signal.
On one hand, revenue holding firm at approximately KSh191 billion suggests Shell-branded retail and commercial fuel sales in the country have weathered a period of subdued pump-price growth and currency volatility without material erosion.
On the other hand, the absence of growth at a time when the wider group is expanding briskly elsewhere may prompt questions from analysts and shareholders about the competitive pressures facing Kenya’s downstream petroleum sector. These include price-sensitive consumers, a crowded field of fuel retailers and periodic scrutiny over product quality, which affected the brand locally in early 2025.
It is worth noting that these figures are drawn from Vivo Energy Limited’s group-level consolidated accounts, rather than a standalone filing by the Nairobi Securities Exchange-listed Vivo Energy Kenya PLC, which reports its own set of local financial statements.
The Weekly Vision has reached out to Vivo Energy Kenya PLC for comment on the flat revenue performance and will update this story with any response.
