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Vivo Energy raises dividend after Engen acquisition

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The group raised its final dividend to 2.7c in its year to end-December, boosted by the recent acquisition of Engen-branded fuel stations

Vivo is a stock to watch for investors with an eye to benefiting from African economies’ growth, says the writer. Picture: SUPPLIED, which operates Shell and Engen-branded fuel stations in Africa, more than doubled its final dividend in its year to end-December, reporting a bump to profits from its recent acquisition of Engen fuel stations.

Gross profit for the year rose 8% to $675m , with the group more than doubling its final dividend to 2.7 US cents per share. It total dividend rose 15% to 3.8c. In March 2019 Vivo added 230 new stations in eight African countries when it completed its transaction with Engen.“We have built momentum into 2020 and are excited about the 12 months ahead, as we look forward to delivering another year of strong growth,” said CEO Christian Chammas.

 

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