Vivo Energy remains on track after Q3 sales and profit growth
Vivo Energy on Friday said it was on track to meet full-year expectations after third quarter profit and sales volume growth was fuelled by a new acquisition.
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Gross cash profits for the three month period ended 30 September jumped by 13% to $189m when compared with the same period in 2018, or by 4% versus this year's second quarter.
This came after sales volumes rose by 15% to 2.67bn litres, with the increase driven by the contribution of Engen-branded markets and stability in Shell-branded markets.
The pan-African distributor and retailer of fuels and lubricants acquired a unit of South African retailer Engen back in March.
Meanwhile, the FTSE 250-listed company recorded a gross cash unit margin of $71 per thousand litres, ahead of initial full-year guidance for a figure in the high sixties.
Year-to-date group volumes grew by 10% against the comparable period, and Vivo said it continued to expect volume growth for the full-year to be within its guidance range of low to mid double-digits.
Chief executive Christian Chammas said: "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 Energy shares were up 0.33% at 120.40p at 1017 BST.