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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Aegean sells 16.5m tonnes in 2016, net income jumps 44.7%

02 Mar 2017 08:56 GMT

Bunker firm records rise in net income and gross profit despite drop in revenue.



Aegean Marine Petroleum Network Inc. reports that full-year net income attributable to shareholders increased by $16.049 million, or 44.7 percent, to $51.871 million in 2016, up from $35.880 million the previous year.

Full-year gross profit in 2016 increased by $21.655 million, or 6.5 percent to $353.484 million, whilst operating income rose by $17.505 million, or 22.9 percent, to $94.079 million.

Sales volumes in 2016 jumped 3,046,601 metric tonnes, or 22.6 percent, to 16,519,079 tonnes, up from 13,482,478 tonnes in 2015. However, revenue declined by $155.4 million, or 3.7 percent, to $4,076 million.

During the fourth quarter, Aegean's net income to shareholders was $16.025 million, compared to $9.711 million during the corresponding period in 2015, representing a year-on-year increase of $6.314 million, or 65.0 percent.

Gross profit for the last three months of 2016 increased by $2.48 million, or 2.8 percent, to $90.797 million. Operating income was $24.375 million compared to $24.127 million the previous year.

Sales volumes during the fourth quarter dipped 74,867 metric tonnes, or 1.9 percent, to 3,954,700 tonnes, down from 4,029,567 tonnes in 2015. Revenue increased by $268.8 million, or 29.0 percent, to $1,196 million.

Commenting on the results, E. Nikolas Tavlarios, Aegean's president, commented: "The fourth quarter marked the end of another strong year for Aegean, despite volatile commodity markets and increased competition. Our flexible business model continued to enable Aegean to capitalize on growth opportunities across our unique platform. As evidenced by consistent portfolio rationalization, we are focused on strengthening our operations and enhancing efficiencies across our business. Our global footprint now includes more than 30 markets and 51 ports, with a team dedicated to ensuring that customers are better equipped to run their businesses. We remain committed to executing our strategy and confident in our ability to generate sustainable growth to drive shareholder value."






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