Cape Verdean oil distributor Enacol, led by Portugal’s Galp, recorded historic profits of 9.5 million euros in 2022, double the previous figure, according to the company’s report and accounts.
“These results are the outcome of the robustness of our company, the rigor with which we have managed our operations and the delivery capacity of our team, which once again proved to be up to the challenges in an adverse context, thus contributing to Enacol to continue to assert itself as a `player` of reference and with a vision of the future in the national and international context”, reads the message from the chairman of the board of directors, Jorge Borges Carvalho, in the document.
According to the 2022 report and accounts, Enacol’s turnover grew 119% compared to 2021, to more than PTE 27,566 million (251 million euros) and the net result for the year increased 121%, to PTE 1,045 million (9.5 million euros), which according to the board represented the “best year ever” for the company, which has 211 employees.
“The great performance of the margins practiced in sales to the foreign market contributed to the results achieved”, justifies the administration, in the report.
Even so, the company admits that the temporary suspension of the price fixing mechanism, in April, by decision of the Cape Verdean government due to the escalating price of fuel on the international market because of the war in Ukraine, “imposed limitations on Enacol’s invoicing, putting pressure on and challenging” the “already complex” cash management. Enacol recorded profits of 472.3 million escudos (4.2 million euros) in 2021 and 855.4 million escudos (7.7 million euros) in 2019, before the economic effects of the crisis caused by the pandemic with reflexes, especially in 2020, when it added losses of more than 242.6 million escudos (2.2 million euros).