China Aviation Oil Singapore Corporation (G92) H2 2024 earnings summary

Executive summary

• FY2024 net profit rose 33.8% YoY to US$78.09m, supported by higher business volume, operating profit and associate results.

• Revenue increased 7.6% YoY to US$15.52bn; total supply and trading volume grew 9.4% to 21.92m mt.

Financial highlights

• Operating profit rose 11.9% YoY to US$39.86m; gross profit fell 17.26% to US$41.87m.

• Share of results from associates increased 51.38% to US$45.89m; total expenses declined 42.55% to US$19.36m, mainly reflecting prior-year goodwill and associate investment impairments.

• Other operating income fell 7.3% to US$17.35m, mainly due to lower interest rates and deposits at financial institutions.

Outlook and guidance

• Management remains cautiously optimistic medium term, citing aviation growth, market adaptability and healthy associate earnings; low-carbon business may create new opportunities.

• IATA expects 2025 global passenger traffic of 5.2bn and 40m flights, with industry revenue forecast to exceed US$1tn for the first time.

• China passenger volume is forecast to reach 780m in 2025, or 90% of pre-pandemic levels, versus 730m in 2024; international flights had recovered to 84% of pre-pandemic levels.