StockMarketWire.com - Africa-focused fuel retailer Vivo Energy posted a higher first-half profit, as an easing of lockdowns led to a higher sales volumes.

Net income for the six months through June jumped to $76 million, up from $13 million year-on-year.

Revenue climbed 18% to $3.99 billion amid an 8% increased in volumes to 5.01 billion litres.

Vivo Energy declared an interim dividend of 1.7c per share, which it said was in line with an 'enhanced policy'.

'The group had a strong first half, and we enter the second from a position of strength,' it said.

'As expected, performance was led by the recovery in our retail business as mobility restrictions eased across our markets, with margins also returning towards more normalised levels in the second quarter.'

'We are navigating the uncertainty created by Covid-19, and subject to any major change in mobility restrictions, our expectations for the full year remain unchanged.'


Story provided by StockMarketWire.com