AnAn International (Y35) H1 2024 earnings summary

Executive summary

• 6M 2024 revenue fell 9% YoY to US$1,134.99m as lower customer demand reduced fuel sales; net loss was US$6.24m versus net profit of US$6.08m.

• Lower gross profit and margin, together with higher selling and finance expenses, drove the loss; Dyneff Group cited intense distribution-market competition.

Financial highlights

• 6M revenue was US$1,134.99m, down 9% YoY; gross profit declined 23% to US$39.38m.

• 6M net loss was US$6.24m versus net profit of US$6.08m in 6M 2023; loss attributable to owners was US$3.26m.

• Other income decreased to US$0.86m from US$4.35m, mainly due to lower forfeited customer deposits and interest income.

• Selling and distribution expenses rose 16% to US$44.49m; finance expenses increased 70% to US$4.81m.

Outlook and guidance

• Dyneff Group plans to maintain its oil-distribution market position and customer base while diversifying energy distribution and pursuing acquisitions to develop into an energy service provider.

• Strategy will continue into the next reporting period and following 12 months, with a cautious stance amid economic uncertainty and an evolving energy landscape.