China Aviation Oil’s net profit surges 117.8% YoY to $55.8m

Higher contributions from its associates drove the increase.

Mainboard-listed China Aviation Oil (CAO) saw its net profit rise by 117.8% YoY to $55.8m (US$42.2m) in H1 2024.

CAO attributed the growth to improved gross profit and higher contributions from its associates.

Total gross profit for the period was US$24.18m (S$31.9m), up 127.09% YoY, primarily driven by increased profit from the jet fuel supply business.

Revenue rose in tandem with net profit, increasing by 20% YoY to $9.9b (US$7.5b) from last year’s $8.2b (US$6.2b), following a rise in oil prices.

With higher revenue and profit, earnings per share stood at $0.053 (US$0.04), up from the H1 2023 record of $0.26 (US$0.0229).

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