- Africa-focused fuel retailer Vivo Energy said its first-quarter earnings had risen 9% after a fall in volumes was offset by better margins.

Gross cash profit for the three months through March climbed to $195 million, up from $179 million year-on-year.

Volumes fell 5% to 2.48 billion litres, but unit margin rose 14%.

Demand for fuel as been particularly weak in the commercial sector due to the pandemic, especially amid airlines and other travel companies.

'It was especially pleasing to see the retail segment return to volume growth despite ongoing restrictions, continuing the positive momentum from the 2020 second half and further demonstrating the resilience of our business and our markets,' chief executive Christian Chammas said.

'We have already made good progress towards our target of opening 90-110 net new sites this year and continue to develop our customer offerings while protecting the health and safety of our people and customers.'

'As we move through the year, we expect the recovery to continue, albeit subject to potential impacts from the prevailing mobility restrictions, with the strong first quarter reinforcing our confidence in the business moving forwards.'

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