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Vivo Energy reinstates dividend as quarterly profit edges back 1%
StockMarketWire.com
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Africa-focused fuel retailer Vivo Energy reinstated its dividend after its third-quarter gross profit edged back 1%, with lower sales volumes offset by improved margins.
The company said it would pay its previously withdrawn 2019 final dividend of 2.7c per share, with dividends in respect of 2020 performance to be determined at its full-year results
Gross cash profit for the three months through September fell to $187 million, back slightly from $189 million year-on-year.
Sales volumes fell 7% to 2.49 billion litres, though the company's gross unit margin expanded 6 percentage points to 75%.
Chief executive Christian Chammas said mobility restrictions eased across Vivo's host countries during the third quarter.
'We are encouraged by the recent performance, which coupled with the strength of our balance sheet has enabled the board to restart dividend payments,' Chammas said.
'We remain cautiously optimistic and believe that with our diversified and resilient business model, and attractive long term growth opportunities across Africa, we are well positioned for the future.'
Story provided by StockMarketWire.com
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