China Aviation Oil Singapore Corporation (G92) H1 2024 earnings summary

Executive summary

• 1H 2024 net profit rose 117.80% YoY to US$42.26m, supported by higher gross profit and associate earnings.

• Revenue increased 20.05% YoY to US$7,535.53m as oil prices and business volume rose.

• Total supply and trading volume increased 7.51% YoY to 10.17m mt.

Financial highlights

• Gross profit increased 127.09% YoY to US$24.18m, mainly on higher jet fuel supply profits and volume; operating profit rose 80.89% to US$24.19m.

• Profit before tax increased 118.81% YoY to US$47.33m; tax expense rose 127.63% to US$5.07m.

• Total expenses rose 32.64% YoY to US$9.18m; other operating income was US$9.19m, down 4.75%, and other operating expenses rose 151.70% to US$2.22m.

• Total comprehensive income rose 214.73% YoY to US$37.74m, after US$4.52m of currency translation losses.

Outlook and guidance

• Cautiously optimistic for the rest of FY2024; air travel recovery, particularly in China, is expected to support the jet fuel business, while sustainable aviation fuels offer opportunities.