25th Oct 2019 08:44
(Alliance News) - Fuels and lubricants retailer Vivo Energy PLC delivered a "record" quarter, it said on Friday, and it is on track for 2019 expectations.
Vivo, which sells branded products from Royal Dutch Shell PLC and Engen Petroleum, reported a 15% rise in volumes for the three months to September to 2.67 billion litres, with Shell products making up most of that figure.
Vivo's gross cash profit climbed 13% on the year before to USD189 million.
For the nine-month period, volumes have risen 10% to 7.66 billion litres and gross cash profit by 6% to USD540 million.
"We are pleased to have delivered another record quarter, with gross cash profit increasing by 13% year-on-year to USD189 million. This was a result of stable margins in the Shell-branded markets and strong volume growth of 15% year-on-year, primarily driven by the Engen-branded markets," said Chief Executive Christian Chammas.
"The successful integration of the Engen transaction, and the completion of the roll-out of the ERP1 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."
Vivo expects volume growth for 2019 of between a low to mid double-digit percentage, and it sees another year of "strong" gross cash profit growth.
Vivo shares were flat in London on Friday morning at 120.00 pence each. In Johannesburg, they were untraded, last quoted at ZAR22.41.
By George Collard; [email protected]
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