African fuel retailer Vivo Energy posts higher profit, volumes

Vivo Energy Plc reported a 2 percent rise in 2018 gross profit on higher volumes and forecast low to mid double-digit percentage volume rise for 2019. [Photo: Reuters]

African fuel retailer Vivo Energy Plc reported a 2 percent rise in 2018 gross profit on higher volumes and forecast low to mid double-digit percentage volume growth for the current year despite tough market conditions in Morocco.

The company, which distributes and markets Shell-branded fuels and lubricants in Africa, said gross profit rose to $624 million last year from $614 million a year earlier.