@AGuy - Due to personal reasons/developments I was unable to attend the AGM but what you say is true and worrying.
K-Card Discount - That is still there but you have to pay at the Head Office so the users will drop. I used to use KK exclusively but now go to Shell and Total as well.
Payments - Total allows Airtel Money. Shell allows Lipa Na M-Pesa. The KKs I used to frequent take neither, Unless they change strategy they will lose customers. Also some customers use credit cards which allows them 30-55 days to pay as well as manage/review costs for fuel.
Stations - Compare KK to Total. And Total is winning.
Now that KK's cash-flow is steadier, debt levels have dropped [sales of non-core assets], fewer lines of business [dumping Jet A-1], etc ... I expect KK to do much better financially BUT it needs to spruce up the forecourts, replace broken pumps, replace/upgrade the K-Card system, etc.
Ultimately, I think KK is a takeover target nevertheless it should conduct its business like it is going to be 'alone' forever. It is OK to ditch long-term unprofitable lines of business. Pay more attention to the core business of selling fuel and related products. Add convenience stores and mini-supermarkets where possible.
KK needs to get back into the OTS business where it has expertise and connections but should not hedge. It is better to make the margins it can negotiate. Vehicles in EAC continue increasing and that means fuel is required in all parts of the country and KK has the distribution network.
Finally, KK needs to continue pursuing the lawsuit against KPC and settlement against KPRL but quietly. No more grandstanding. Use the best lawyers and fight it out in court. It is likely that GoK will settle the KPRL debts by allocating land, tanks or shares in KPRL [storage] to the claimants. As for KPC, KK has a hand up but it is a 2-3 year process since Kenyan courts are slow.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett