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Vivo Energy Mauritius: Net profits up 84% for 2015

Vivo Energy Mauritius announced an operating profit that went up by 84% at the closing of fiscal year 2015. Profit after taxes amounted to Rs 283 million against Rs 154 million in 2014. A remarkable financial performance, given that the turnover for the same period was down 21% from Rs 12.8 billion to Rs 10.1 billion. However sales figures, as a whole, were down compared to 2014. This under-performance is attributed to the downward trend of crude oil prices on the international market. It had no impact on the profit margin since the sale of fuel at the pump is subject to price control regime and that the margin is fixed per litre regardless of the sale price. The gross margin is 16% higher than in 2014, the main growth factor being attributed to the sale of non-controlled products. Other revenue sources increased to Rs 16 million, that is of 27% compared to 2014. Vivo Energy Mauritius has invested to realise its plan to make Shell petrol stations become one-stop-shops. Thus, in 2015 the company released no less than four new stores, renovated five existing ones and launched seven fast food outlets. The increase in the company’s participation in an aviation fuel depot has also helped generate additional revenue. “It is thanks to a still strict control of administrative expenses and distribution costs that we have been able to maintain the growth,” said managing director of Vivo Energy Mauritius, Kiran Juwaheer. He emphasized that these good results reflect “our ability to meet our dual imperative: to meet the expectations of consumers and generate value for our shareholders.” Vivo Energy Mauritius remained in line with the projects announced as part of its development strategy. During the last quarter of 2015, two new stations, respectively in Mare d’Albert and Flacq, were added to its existing network. Opened in December, Flacq service station also provides a Shell Select shop, restaurant, car wash service, and professional drain and automotive repair service. The Mare d’Albert station joined a Select and Hearty shop, Vivo Energy’s own brand, offering hot drinks and pastries and developed to complete the offer of Shell Select shops.
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