Vivo Energy, the company behind the Shell and Engen brands in Africa, reported a 13% increase in net income as it looks to massively expand its footprint across the continent.
Vivo Energy already had an extensive network of Shell-branded stations across the African continent but has been catapulted into eight new African jurisdictions when, last week, it concluded its $62m acquisition of 230 Engen service stations outside SA.According to CEO Christian Chammas the company’s primary objective for 2019 is to fully integrate the Engen assets into the business.
The company will also continue to diversify, he said. Over the past year, Vivo added 119 nonfuel retail outlets to its portfolio which served to drive gross profits from nonfuel retail up 15%. The company is moving strongly into convenience retailing and also quick service restaurants, and in 2018 completed joint ventures with KFC franchisees in Ghana and Ivory Coast.
In a note, Credit Suisse research analysts said the company results and guidance were broadly as expected although the dividend was disappointing and fell short of their consensus forecast of four US cents. Net debt of $318m was also slightly higher than their forecast of $275m.
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