Vivo Energy FY profits rise as volumes recover

Vivo Energy posted a jump in full-year net income and revenues on Wednesday as volumes recovered to close to pre-pandemic levels.

In the year to the end of December 2021, net income rose 69% to $152m, while adjusted earnings before interest, tax, depreciation and amortisation increased 24% to $447m. Compared with 2019, adjusted EBITDA was ahead 4%.

Revenues were up 22% at $8.5bn, while volumes in million litres were 7% higher at 10,302.

Vivo put the revenue rise down mainly to higher average crude oil prices and volume growth, with the latter lifted thanks to lighter Covid-19 mobility restrictions in the company’s markets.

Chief executive officer Christian Chammas said: "We delivered a strong performance in 2021, demonstrating the robustness of our business model, and continued to deliver against our growth strategy.

"We were pleased with the recovery in volumes to close to pre-pandemic levels. This was predominantly driven by our Retail segment, which is now above 2019 levels, as mobility improved and we continued to expand the network, opening a net total of 133 new sites during the year."

Vivo is a pan-African retailer and distributor of Shell and Engen-branded fuels and lubricants.