Shell fuel distributor Vivo Energy has reported a slight increase in gross cash profit, in a trading update.
The pan-African retailer posted gross cash profit was grew four per cent compared to the third quarter of 2020, in an update for the quarter ended 30 September 2021.
Gross cash profit hit $195m, compared to $187m last year.
The firm – which distributes Shell and Engen branded fuels and lubricants – marked group volumes rising three per cent from the similar period last year.
When the impact of the end of a large low‑margin commercial supply contract in the third quarter of 2020 was considered, volume rose six per cent.
Retail volumes were up six per cent, which Vivo said was driven by increasing mobility and successful progress with site roll-out.
It has delivered 114 net new sites so far this year and now expects to exceed the top of a previous guidance range by more than 20 per cent. It will add between 130-140 net new sites in 2021.
This level of site openings is hoped to be maintained in 2022.
Christian Chammas, CEO said: “We are delighted to deliver another strong quarter with the business maintaining its momentum. Performance has been driven by retail, with our accelerated site rollout supporting the volume recovery, despite the remaining mobility restrictions.
“We believe there is significant long-term potential in our markets and will continue to invest to grow our fuel and non‑fuel offerings to meet this demand whilst broadening our product mix to provide long-term benefits to our customers and our broader stakeholders.”