- Africa-focused fuel retailer Vivo Energy recorded a 3% rise in annual profit and said it was continuing to review the status of its business in Morocco, where margins have been hurt by government-imposed price caps.

Net income for the year through December increased to $150m, up from $146m on-year.

Revenue rose 10% to $8.30bn as the company produced 11% more fuel to 10.42bn litres.

Gross cash unit margin, however, contracted 3 percentage points to 71%.

Vivo Energy declared a full-year dividend of 3.8c per share, up 15% on-year.

The company said it entered 2020 with good momentum and looked forward to 'another year of strong performance'.

'We expect to deliver mid-single digit gross cash profit percentage growth in 2020,' it added.

Capital expenditure was expected to be slightly ahead of 2019 levels, at $150m-to-$160m.

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