Vivo Energy announces record third quarter growth
African fuel company Vivo Energy this morning announced another record quarter of growth, with a 13 per cent rise in gross cash profit for the third quarter.
Vivo, which operates as a Shell licensee across 23 African countries, made a total cash profit of $189m (£147m), up from $167 million a year earlier, propped up by a 15 per cent rise in sales volumes.
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The supplier reinforced its network of stations this year with the purchase of Engen, a South African oil company, in March.
Chief executive Christian Chammas said: “We are pleased to have delivered another record quarter. This was a result of stable margins in the Shell-branded markets and strong volume growth of 15 per cent year-on-year, primarily driven by the Engen-branded markets.
“The successful integration of the Engen transaction, and the completion of the roll-out of the ERP system across all 15 Shell-branded markets demonstrate the capability of our teams and we are well on-track to deliver against our expectations for the full year.”
He said that the company was on track to deliver annual growth of low to mid double-digit percentage.
Shares in the company rose 3.5 per cent this morning, to £1.24 per share.
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Last year, Vivo’s initial public offering was the largest on the London Stock Exchange in 2018, raising £548m for its founding shareholders, Vitol and Helios.
Vivo owns 2,100 petrol stations across Africa, employing 2,700 people.