Vivo Energy, which listed on the JSE a year ago and operates petrol stations under the Shell and Engen brands, says it got off to “a positive start to 2019”, meeting its own expectations.
First-quarter volumes of 2,441-million litres were 7% higher than a year before, the group said.
Volume growth came from “good underlying growth in Vivo Energy’s existing 15 Shell-branded markets and one month of contribution from the eight new Engen-branded markets and the additional sites in Kenya”.
In March, volumes were 13% higher year-on-year, thanks to the addition of the Engen portfolio.
"With the full contribution from the new markets for the rest of 2019, we expect volume growth to be in line with full-year guidance of low to mid double-digit percentage growth,” Vivo said.
Vivo CEO Christian Chammas said: “We are pleased to have delivered a strong start in the first quarter, in line with our expectations, and in what is traditionally the slowest quarter of the year.”
Vivo, which operates in 23 African markets, is banking on rising fuel consumption across the continent thanks to urbanisation and growing wealth.