August 2, 2018 / 6:22 AM / 4 months ago

Vivo Energy reports 8 pct rise in first-half core profit

Aug 2 (Reuters) - Vivo Energy, Vitol’s Africa venture, reported an 8 percent rise in half-year core profit thanks to higher volumes, in its first set of results since it listed in May.

The company, which distributes and markets Shell-branded fuels and lubricants to retail and commercial customers in Africa, said it was on track to open its targeted number of service stations and non-fuel retail outlets for the year.

It also said it continues to expect annual volume growth to be within its target mid-single digit percentage range, with broadly stable gross cash unit margins.

Adjusted earnings before interest, tax, depreciation and amortization rose to $204 million in January-June, from $189 million a year earlier.

Reporting by Arathy S Nair in Bengaluru Editing by Susan Fenton

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