Vivo Energy Annual Profit Rises On The Back Of Higher Crude Oil Prices

British downstream petroleum company Vivo Energy plc (VVO.L) on Wednesday said its net income for the full year increased to $152 million from $90 million in the prior year, helped by higher crude oil prices and sales volume growth.

Earnings per share rose to 11 cents from 6 cents a year ago.

Attributable net income for the year increased to $140 million from $80 million last year.

Excluding one-time items, adjusted income grew to $157 million or 11 cents per share from $90 million or 6 cents per share a year ago.

EBITDA, or earnings before interest, taxes, depreciation, and amortization jumped to $442 million from $360 million in the previous year.

Adjusted EBITDA rose 24% year-over-year to $447 million.

Revenue for the year increased 22% to $8.458 billion from $6.918 billion last year.

The company said its sales volumes were 7% up from last year as Covid-19 restrictions were relaxed in its markets.

Further, Vivo announced an interim dividend of 4 cents per share, to be paid on Friday, 24 June to shareholders on the register as at 27 May.

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