China Aviation Oil Singapore Corporation (G92) H2 2025 earnings summary

Executive summary

• FY2025 net profit reached a record US$110.64m, up 41.69% YoY, supported by higher gross profit and associate contributions.

• Revenue rose 5.94% to US$16.44bn despite lower overall oil prices, reflecting higher business volumes.

Financial highlights

• Gross profit increased 73.94% to US$72.82m; total expenses rose 24.11% to US$24.03m.

• Share of results from associates grew 31.21% to US$60.22m; net profit was US$110.64m versus US$78.09m in FY2024.

• EPS rose 41.05% to a record 12.85 US cents; NAV per share increased 9.26% to 125.28 US cents at 31 Dec 2025.

Outlook and guidance

• 2026 stance is cautiously optimistic; Chinese civil aviation passenger volumes are projected by the CAAC to reach 810m.

• Growth plans focus on rising demand in key markets, stronger supply chains and developing sustainable aviation fuel into a scalable, profitable business.