Vivo Energy Raises 2023 Dividend Payout After 13% Profit Growth

BREAKING NEWSSeptember 12, 2024 at 9:44 AM UTC

TLDR

Vivo Energy outperformed the hydrocarbon sector, achieving a 13% net profit increase to 4.01 billion FCFA in 2023.
SHEC raised its dividend payout for the third consecutive year, awarding shareholders with a net dividend of 57 FCFA per share.
Investor confidence in Vivo Energy CI surged with a 17.09% rise in stock price in the 2024 financial year.

Vivo Energy bucked the hydrocarbon sector's weak performance to close the 2023 financial year with strong results, posting a 13% increase in net profit to 4.01 billion FCFA ($6.7 million), up from 3.75 billion FCFA the previous year.

Building on this success, the BRVM-listed company (SHEC) increased its dividend payout for the third consecutive year, rewarding shareholders with a net dividend of 57 FCFA per share, representing a total dividend of 4.01 billion FCFA.

This dividend offers a yield of 6.16%, based on the share price of 925 FCFA as of September 27. The company's positive performance has also driven its stock price upward, with Vivo Energy CI shares rising by 17.09% since the start of the 2024 financial year after a 5.33% gain in 2023, signaling continued investor confidence.

Key Takeaways

In the second quarter of 2024, Vivo reported a significant increase in its financial performance, reflecting a robust response to market demands and operational strategies. The company’s revenue, as of June 30 reached FCFA 298.1 billion, marking a 4% increase from FCFA 287.6 billion recorded during the same period in 2023. This growth can be attributed primarily to a notable 9% rise in sales volumes, particularly within the aviation and corporate sectors, indicating a strong demand for energy products in these areas. The company has capitalized on this demand, enhancing its market position and operational efficiency.

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