TotalEnergies Marketing Kenya PLC

TotalEnergies Marketing Kenya PLC (TMK) is Kenya's largest fuel marketing and distribution company, listed on the Nairobi Securities Exchange and majority-owned by French energy major TotalEnergies, operating a nationwide network of retail service stations alongside aviation, LPG, lubricants, and increasingly e-mobility and solar energy businesses under a multi-energy strategy. Revenue and margins are heavily influenced by international petroleum product prices and regulated domestic pricing formulas. The company delivered volatile earnings across FY2019-2025, with a notably weak FY2024 (EBIT of KES 965 million) followed by a strong FY2025 recovery (EBIT of KES 3,825 million) as easing global fuel prices and lower borrowing costs supported margins. The balance sheet expanded significantly from FY2021 to FY2023 driven by working-capital growth (trade receivables and payables both roughly tripling) before moderating, while the company continued investing in network expansion, logistics, and its multi-energy strategy including LPG, e-mobility battery-swapping infrastructure, and solar, alongside a long-term carbon neutrality target.