Cash-flush Vivo says Covid-19 third wave effects have been muted

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Core profit jumped 57% in its six months to end-June, with the third wave having a muted effect on demand in most African countries

Petroleum company Vivo Energy, which operates the Shell and Engen brands in 23 African countries, has proceeded with a $21.5m shareholder payout, saying it has seen a robust recovery for retail fuel demand, while the effects of a third wave in Africa have so far been limited.

A sharp rebound from mobility restrictions in 2020 helped prompt an 18% year-on-year rise in revenue to $3.99bn in the six months to end-June 2021, when core profit rose 57% to $220m, which is 4% above pre-pandemic levels...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

 

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