The company, which sells Shell and Engen branded fuels in Africa, reported a 6% increase in first quarter gross cash profit to US$179mln. At US$1.6bn, the company described its available liquidity position as “strong”.
However, the company believes it is prudent to withdrawn its 2019 final dividend, despite reassuring that it would be paid a month ago.
Vivo said it will consider making an additional dividend payment in the future, once there is more certainty in its markets.
We have responded rapidly to the challenges raised by COVID-19 to protect our people and customers, our communities and our business, and with our robust balance sheet and access to liquidity we have a strong base to navigate through these uncertain times,” said Christian Chammas, Vivo chief executive.
Published at Thu, 30 Apr 2020 09:37:00 +0000-Vivo Energy cancels dividend payment as disruption follows strong start to 2020