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Matrix Limited Integrated Annual Report 2021

The international oil industry has seen a decline in production due to the Covid-19 pandemic, and a drop in demand as a result of the lockdowns. One company however, which has managed to positively navigate its way through these challenges in the global oil industry is Matrix Petroleum – an international petroleum company with its headquarters in Guernsey.

Matrix Petroleum recently released its 2021 Integrated Annual Report. In his CEO Statement, Founder and CEO of Matrix Petroleum Malvin Chiwanga had the following to say:

The turbulent global economic landscape and continuously high crude oil prices have placed severe pressure on our profits. These fuel price increases negatively impacted local sales volumes in our largest market in Africa, with consumer disposable income also being affected by increases in interest rates. Our consumers in Zimbabwe felt the pinch the most with the continuous fuel price increases throughout the year.

We were, however, able to increase our turnover compared to the previous year despite these challenges. This is because we remained focused on our strategy, delivering consistently to our clients globally, and proving our resilience throughout these tough economic conditions, and “interesting”, unprecedented times.

Initially we faced some challenges as a result of the decline in oil production, but as the year progressed, product volumes improved both inside and outside our market, seeing growth in Reunion, Mozambique, Botswana, Zambia and Zimbabwe. Our overall company expenses increased in the 2020 financial year which resulted from higher staff costs and higher depreciation due to a capital expansion programme in our International Business Division, and to a lesser extent, in Matrix Sales and Marketing (MSM). Increased capital expenditure has also been invested in renewable energy environmental improvements, maintenance and reliability, infrastructure, future fuels, and other profit-generating interventions.

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The culture of chronic unease drove excellent results not only in our operations but also in personnel and process safety, as well as in environmental and regulatory compliance. The persistent focus delivered the best reliability performance over the last 2 years achieving 98.1% reliability versus a plan of 94.6%. In tandem with this outstanding performance, Overall Equipment Effectiveness (OEE) reached 97.4%, far surpassing the plan of 90.3%. This is without doubt due to the great effort, collaboration, and commitment from the entire team. The successful year illustrates the effect of allocating financial resources for capital expenditure and the intensified training of employees.

Notable achievements include an innovative partnership with a logistics company which is assisting in the roll out of the delivery from terminals. One example is the recent partnership in building the Beira Terminal in Mozambique. This also includes outstanding achievements performance in 2019. Matrix has also made significant capital investments across the value chain.

A safe, reliable, and stable operation that resulted in the best performance in the last 2 years is attributed to, amongst others, a successfully executed strategy. Amidst a continued focus to always deliver the best service to our customers, signature convenience offerings will continue to be rolled out across Africa.

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