China Aviation Oil 2019 profits up 6.36% to $99.83m

Its total supply and trading volume rose 5.97% to 36.93 million tonnes.

2019 was a productive year for China Aviation Oil (CAO) as profits jumped 6.36% YoY to $99.83m from $93.86m in 2018. Full-year revenue dipped 1.3% YoY to $20.34b from $20.61m, however, due to the depreciation of the RMB and KRW.

CAO’s total supply and trading volume increased 5.97% to 36.93 million tonnes for 2019 compared to 34.85 million tonnes for 2018.

Volume for middle distillates leapt 22.17% to 22.26 million tonnes from 18.22 million tonnes, of which jet fuel supply and trading volume increased by 2.01 million tonnes (14.10%) to 16.27 million tonnes for 2019 compared to 14.26 million tonnes for 2018.

The company’s trading volume for gas oil significantly grew by 51.26% to 5.99 million tonnes for 2019 from 3.96 million tonnes for 2018.

In contrast, the trading volume for other oil products slipped 11.79% to 14.67 million tonnes for 2019 compared to 16.63 million tonnes for 2018 attributable mainly to lower trading volume for fuel oil.

CAO’s share of profits from associates dipped 9.12% to US$65.53m for 2019 compared to US$72.11m for 2018, mainly due to lower share of profits from Pudong (down 9.78% to US$58.83m) driven by forex effect and lower revenue.

For Q4 2019, profits rose 13.15% YoY to $21.19m from $18.73m in the same period last year, and revenue climbed 16.55% to $5.10b from $4.38b.

CAO’s board declared a dividend of 4.7 cents per share.