SHELL fuel distributor Vivo Energy reported a slight increase in gross cash profit in a trading update yesterday.

The pan-African retailer posted that gross cash profit grew four per cent compared to the third quarter of 2020, in an update for the quarter ended 30 September 2021.

Gross cash profit hit $195m (£141.1m), compared to $187m last year. The firm - which distributes Shell and Engen branded fuels and lubricants - marked group volumes rising three per cent from the similar period last year.

Retail volumes were up six per cent, which Vivo said was driven by increasing mobility and successful progress with site roll-out.

It has delivered 114 net new sites so far this year and now expects to exceed the top of a previous guidance range by more than 20 per cent. It will add between 130-140 net new sites in 2021.

This level of site openings is hoped to be maintained in 2022.

(c) 2021 City A.M., source Newspaper