Oil Sector

Airline activities boost Vivo Energy’s results

During the pandemic, travel restrictions by land and by air created an unprecedented havoc with deep impact on the revenue of companies providing fuel either for inland transport or for airlines. Year 2022 sees the positive expansion of activities in the Oil sector worldwide. However, the sector is under growing international pressure to drastically reduce the use of fossil energies and offer greener alternatives. The Russia-Ukraine geopolitical instability has also created a stressful condition, pushing further the need for countries to adopt renewable energies.

In Mauritius, the leader, Vivo Energy, maintains its ranking with a 59% rise in turnover, from Rs 10.4 Bn to Rs 16.5 Bn in 2022. Its profit before tax has also soared by 76%, from Rs 344 M in 2021 to Rs 605 M in 2022. Regarding the aviation fuel segment, Vivo Energy’s annual report states: “The re-opening of the borders at the end of 2021 and the resumption of flights linking Mauritius to the rest of the world in 2022 boosted the island’s requirement for Jet A-1 refuelling. The aviation industry volume tripled in 2022 compared to the previous year.”

The subsequent dynamism of the Hotel industry has also benefited the company which provides LPG Cylinders for the food needs. The company introduced 30,000 new cylinders to the market to cope both with the demand from the Hotels and from the local households during the winter period spike.

Furthermore, alongside its 50 fuel stations network Vivo Energy has launched a one-stop shop type outlet at Floreal: “Shell Floréal Drive+ houses a new service station with a modern convenience shop, a McDonald’s outlet, a pharmacy, a gourmet coffee shop, a car service outlet, and a car wash service.”

In Mauritius, Engen ranked second with a turnover of Rs 14.6 Bn. Pursuing a strategy to increase resilience in the sector, Vivo Energy (Group) together with Engen announced in February 2023 the intention to combine their respective businesses. At completion of the transaction, Petronas would sell its entire shareholding in Engen to a wholly-owned indirect subsidiary of Vivo Energy. The transaction has been submitted to pending regulatory approvals in the different countries.

The two other major players also reunited with a high level of turnover in 2022. IndianOil (Mauritius) Ltd reached a Rs 13.2 Bn turnover, while TotalÉnergies (Mauritius) reached Rs 10.3 Bn in turnover and Rs 444 M in PBT (+86% compared to 2021).

Alongside expanding its network of fuel stations and providing JET A-1 fuel to airlines, IndianOil Mauritius has upped its game in the bunkering sector by recently acquiring a barge to better supply vessel routing through the Indian Ocean.

Ranking Bank name Turnover 2022 (Rs/Million) Profit/Loss 2022 (Rs/Million) Turnover 2021 (Rs/Million) Profit/Loss 2021 (Rs/Million) Financial year
1 Vivo Energy Ltd 16,519.00 605.20 10,407.00 344.10 December 2022
2 Engen Petroleum (Mauritius Limited) 14,643.92 67.47 9,313.80 9.03 December 2022
3 Indian Oil (Mauritius) Ltd 13,233.40 38.27 6,549.00 366.00 "March 2023
4 TotalEnergies Marketing Mauritius Ltd 10,297.00 444.25 6,087.00 238.42 December 2022

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