China Aviation Oil Singapore Corporation (G92) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was US$7,805.1m, down 8.82%; profit before tax fell 13.33% to US$48.07m and net profit fell 17.30% to US$41.39m.

• Operating profit fell 92.30% to US$2.16m; stronger associate earnings partly offset the steep gross-profit decline.

• Resilient China operations and diversified international presence helped limit the impact of industry disruption.

Financial highlights

• Gross profit fell 83.84% to US$4.91m, mainly due to lower middle-distillate profits, higher jet fuel procurement costs and inventory impairment losses.

• Share of associate results rose 67.30% to US$45.91m, partly offsetting weaker operating results.

• Total expenses rose 9.29% to US$10.77m; other operating income increased 6.99% to US$8.02m, mainly on higher exchange gains.

• Profit attributable to owners was US$41.14m, down from US$50.03m; non-controlling interests earned US$0.25m.

Outlook and guidance

• Management was cautiously optimistic, citing resilient aviation demand and recovery in China international travel, while noting fluid Middle East conditions.

• Priorities include expanding jet fuel trading and supply, developing sustainable aviation fuel (SAF) capabilities, and investing in strategic oil-related assets and businesses.

• Sinopec Group ownership could broaden access to refinery and supply resources, international aviation fuel supply chains and SAF opportunities.