Sao Tome and Principe fuel company posts profit in 2009

12 May 2010

Sao Tome, Sao Tome and Principe, 12 May – Sao Tome and Principe fuel company Empresa Nacional de Combustíveis e Óleo (ENCO) posted a profit of just over US$6 million in the 2009 financial year, according to the company’s annual report and accounts.

ENCO’s report, to which Macauhub had access Tuesday, showed that the profit posted in 2009 of 101 billion dobras or just over US$6 million, represented a rise of 2.25 percent on 2008. The company’s majority shareholder is Angolan state oil company Sonangol, with 77 percent.

In the document ENCO said that turnover in 2009 totalled 540 billion dobras, or US$32.7 million, with growth of 7 percent year on year.

ENCO, which is the only company to sell fuel in Sao Tome and Principe, also said in its report that it had made investment of 3 billion dobras or US$170,000, a rise of 7.7 percent on 2008.

As well as Sonangol, ENCO’s shareholders are the Sao Tome state with 16 percent and small private shareholders that control the remaining 7 percent of the company’s capital. (macauhub)