Not quite.
1) KK has indicated the 'loss' for 1H 2012. It's in the annual report. In B&W. In the Chairman's statement. In the Comprehensive Income. In the Financial Statements under Derivatives. Did Puma know? Yes. The Puma announcement came AFTER the AGM.

2) The NPM in the oil industry are low. They have always been low. Why? Oil firms deal in a commodity that is (very) high volume. KK in particular deals in 'wholesale' trading which has low margins but HUGE volumes. This is a cash (or short-term) business (for the bulk of the sales) so very low level of write-offs. KK's losses in 1H 2012 were from forwards on USD for 4 months [as explained during the AGM].

KK (& other OMCs) constantly turnover (inventory turns/cycles) their inventory. The greater the cycles, the higher the profits without using additional financing/cash/funds. More firms need to do so. Lower margins, higher turnover of stocks = greater profits.

KK is a major importer whose crude/fuel is already pre-sold based on the MoE allocation. KK ships it in, gets paid then releases it. There are penalties for not buying your allocation from KK. A few small OMCs failing to buy from KK doesn't matter since KK can re-sell it to other OMCs, export to EAC or sell through its stations. Think how much (extra) volume Deal Poa pushes.

A firm that sells a low volume item e.g. turbines may sell 2 a year thus the NPM is 'higher' to account for no sales in a particular year, financing costs, storage costs, obsolescence, etc.

The popular ‘Deal Poa’
promotion offering Kenyan motorists fuel savings of Kshs 3.00 per litre off the official
pump price has come to an end. Sunday, August 26th 2012 will be the last day of the promotion, paving way for the resumption of the ERC pricing structure
effective August 27th, 2012.
Regardless of this change, K- Card customers will continue
to enjoy the daily discount of Kshs 2.00 per litre for fuel purchases through K-Card.
http://www.kenolkobil.co.../content/article/58/323

The recent ERC price reduction is hitting OMCs. I was told that the incoming cargoes are more expensive based on increasing oil prices so margins are squeezed. It seems that prices will jump on 15 September so might as well fill up!

True that. They want the business in a given shape and they will have that. I see them giving us a major announcement sooner rather than later.

@chiarascuro - ERC pricing does not take into account the full effect of financing. That has been remarked upon by both Total & KK. I spoke to a smaller importer who said when interest rates jumped from 14% to 28%, the ERC stayed 'blind' to the jump. Since most of the product is financed since even firms like KK have to borrow since it is billions per shipment.