China Aviation Oil Singapore Corporation (G92) H1 2025 earnings summary

Executive summary

• 1H 2025 net profit rose 18.40% YoY to US$50.04m, supported by higher gross profit and associate contributions; revenue increased 13.60% to US$8.56bn.

• Total supply and trading volume grew 35.40% YoY to 13.77m mt, with higher middle-distillate and other-oil-product volumes.

Financial highlights

• Gross profit increased 25.65% YoY to US$30.38m; operating profit rose 15.86% to US$28.02m, and profit before tax gained 17.19% to US$55.47m.

• Other operating income declined 18.42% to US$7.49m, mainly due to lower interest income and FX differences; total expenses increased 7.41% to US$9.86m, mainly on higher staff costs.

• Profit attributable to owners was US$50.03m versus US$42.40m; non-controlling interests contributed US$0.01m versus a US$0.14m loss.

• Higher tax expense reflected greater deferred-tax liabilities on undistributed associate earnings and a higher tax provision on 1H 2025 profits.

Outlook and guidance

• Medium-term outlook remains cautiously optimistic, supported by aviation recovery, demand growth in key markets and associate earnings.

• Continued global and Chinese aviation growth is expected to create opportunities to expand aviation-fuel supply and trading networks.

• Strategic priorities include low-carbon supply-chain investment and sustainable aviation fuel (SAF), with a focus on scalable supply, innovation and risk management.