StockMarketWire.com - Africa-focused fuel retailer Vivo Energy posted a 13% rise in third-quarter gross profit amid a rise in sales volumes.

Gross cash profit for the three months through September rose to $189m, up from $167m on-year.

Sales volumes rose 15% to 2.67bn litres, with a gross unit margin of $71 per thousand litres, down from $72 on-year but ahead of full-year guidance.

'Year-to-date group volume growth increased to 10% against the comparable period, and we continue to expect volume growth for the full year, including the Engen-branded markets, to be within our guidance range of low to mid double-digit percentage growth,' Vivo Energy said.

'Group year-to-date gross cash unit margins are $70 per thousand litres, which remains above our initial full year expectations and we continue to expect to be slightly ahead of initial guidance of the high sixties per thousand litres for the full year.'

'As a result, we continue to expect another year of strong gross cash profit growth.'

Story provided by StockMarketWire.com