Equity Group Reports Kes 60.7 Billion in Profits Before Tax

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While releasing the full year 2024 results, Dr. James Mwangi, Equity Group Holdings Plc Managing Director and CEO, said, “We are proud...

I&M Group Records Kes 20.8 Bn Profits Before Tax

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I&M Group PLC has recorded a Profit Before Tax of KES 20.8 billion for the period ending 31 December 2024, representing 25%...

NATIONAL OIL CORPORATION ANNOUNCES RUBIS ENERGY KENYA AS THE NON-EQUITY STRATEGIC...

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The National Oil Corporation of Kenya Ltd (NOC) has entered into a strategic partnership with RUBiS Energy Kenya, marking a significant milestone in the enhancement of Kenya's oil and gas sector. This collaboration follows the successful completion of the Specially Permitted Procurement Procedure (SPPP) for a non-equity strategic partner, in compliance with the Public Procurement and Asset Disposal Act, 2015 (PPADA). During the signing of the agreement, Hon. Opiyo Wandayi, Cabinet Secretary for Energy and Petroleum, expressed enthusiasm about the partnership, stating, "This collaboration marks a transformative step in strengthening the National Oil Corporation of Kenya, enhancing its capacity and creating long-term value for the citizens of this great republic. With this renewed profitability, the Corporation will be well-positioned to generate returns and, in the future, begin paying dividends to its shareholder." Leparan Ole Morintat, CEO & Managing Director of NOC, highlighted the industry's challenges, noting, " “This sector is highly complex and capital-intensive, requiring substantial investment and operational flexibility to stay competitive. Given the significant demand for government resources, securing shareholder capital injection was not feasible. As a result, NOC sought a non-equity strategic partner to provide the financial support and technical expertise needed to revitalize the company and restore profitability. This process, initiated in 2019, has now culminated in the selection of RUBiS Energy Kenya as our non-equity strategic partner.” The partnership is a key component of NOC’s broader turnaround strategy, which aims to scale up its downstream operations and strengthen its position in the petroleum products trading and marketing space. NOC’s turnaround plan is designed to ensure security of petroleum supply, stabilize fuel prices, and reduce the cost of living and doing business in Kenya. The partnership will also aid in clearing legacy debts and improving financial sustainability. As a non-equity strategic partner, RUBiS Energy Kenya will provide financial support, working capital financing, market development initiatives, and capital expenditure (CAPEX) financing for rebranding, rehabilitation, and expansion of NOC’s retail network. The partnership also encompasses training, capacity building, skills transfer for NOC staff, the deployment of a new Enterprise Resource Planning (ERP) system to improve business processes and customer experience, and collaboration in the fuel card business to enhance customer engagement and service delivery. Olivier Sabrié, CEO of RUBiS Energie East Africa and Managing Director of RUBiS Energy Kenya, emphasized the importance of strategic partnerships, stating, “In today’s dynamic market environment, collaborations are key to driving growth and success. By leveraging diverse expertise, resources, and networks, we can create a competitive edge and generate value for all stakeholders involved. RUBiS Energy Kenya is committed to supporting the Corporation through working capital financing, management and branding support, and transferring critical capabilities and skills to the National Oil team.”
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The National Oil Corporation of Kenya Ltd (NOC) has entered into a strategic partnership with RUBiS Energy Kenya, marking a significant milestone...

Finsco Africa’s Impact on WRC 2025: Empowering Women and Driving Growth

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The World Rally Championship (WRC) Safari Rally is a prestigious global motorsport event that not only puts Kenya on the international rallying...

Geopolitical tensions, adverse weather affect Kakuzi trading results

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Adverse weather conditions and foreign currency fluctuations, coupled with Geopolitical tensions in the Middle East, occasioned a difficult trading environment for listed...

AIG Kenya rebrands to NCBA Insurance after acquisition

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AIG Kenya has rebranded to NCBA Insurance Company after it was acquired by NCBA Group last year. The insurer...

DFSAK: Kenyans borrow Sh500mn daily from digital lenders

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Kenyans are borrowing Sh500 million daily from digital lenders such as Tala and M-Kopa, among others, a new report shows, highlighting the...

NCBA mobile loans up 23pc to Kes 1tn in 2024

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NCBA Group mobile loans grew by 23 percent to Kes1 trillion in the 2024 fiscal year compared to a similar period in...

High interest earning pushes StanChart net profit to Sh20bn

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Standard Chartered Bank profit after tax expanded by Sh6.23 billion to Sh20 billion last year on the back of improved incomes from...

Safaricom Marks 18 years of M-PESA with money market fund

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Telecommunication service provider Safaricom yesterday launched Ziidi, a wealth management product that is set to disrupt the country’s retail investment sector.
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