3 March 2021 | 08:01am
StockMarketWire.com - Africa-focused fuel retailer Vivo Energy booked a 40% drop in annual profit, owing to lower demand for petrol during the pandemic.
The company, however, also said it would increase its dividend payout ratio amid a recovery in trading conditions.
Net income for the year through December fell to $90 million, down from $150 million year-on-year, as revenue slid 17% to $6.92 billion.
Fuel volumes dropped 7% to 9.64 billion litres and adjusted operating profit fell 16% to $360 million.
Vivo Energy held its annual dividend steady at 3.8c per share.
Looking forward, the company said it experienced a swift recovery in the second half of 2020 and has growing confidence for the future, with the positive trends expected to continue into 2021.