Vivo Energy Kenya reported a 5% decline in revenue to Sh127 billion ($1.26 billion) for the year ending December 2018, compared to Sh134 billion ($1.33 billion) in 2017. The company attributed the local revenue drop to market conditions despite a 20% increase in sales of its premium V-power fuel. As the nation's largest oil marketer, Vivo maintained a 19.5% market share as of September 2018, outpacing Total's 16.3% and KenolKobil's 13.8%.
African operations saw a 13% revenue rise to Sh755 billion ($7.55 billion) in 2018, with Sh14.6 billion ($146 million) in profits. The firm's 2019 acquisition of Engen assets added 15 Kenyan stations but required disposal of two outlets near existing Vivo locations due to competition rules. The Competition Authority of Kenya mandated the sale of Parklands and Enterprise Road stations, which were in close proximity to Vivo's existing sites.
Vivo Energy plans to rebrand Engen stations in Kenya to Shell under its licensing agreement, while retaining the Engen brand in eight other African markets. The company, listed on the London Stock Exchange since 2018, continues to disclose financial details as required by its listing obligations.
