Kestrel just updates what they had put out earlier.
Yes, there is a chance of a forex loss but KK are smart enough to mitigate it.
When the KES depreciates, KK existing stocks (paid for or KES loan or hedged US$) become more 'valuable' in KES. This means profits will rise.
KK is also taking market share from smaller players. How? The Deal Poa is a winner. I will be there today or Sunday to fill up. The discount is real & welcome.
Larger volumes can reduce the cost per liter of fuel KK sells. Walmart style.
Also an interesting twist. Uganda will offer a 'discount' in taxes of 150/- per liter if you use Tanzania instead of Kenya as a delivery channel. KK has leased a new "World Terminal". Awesome for new business!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett