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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Cockett Marine Oil swings into profit as bunker revenue rises

Revenue from bunker fuels increased as a result of higher crude prices: Grindrod.



Cockett Marine Oil swung into profit in 2017 as bunker sales revenue increased. Image credit: Pixabay CC0 Public Domain


Updated on 27 Mar 2018 19:01 GMT

Grindrod reports that jointly owned firm Cockett Marine Oil swung into profit last year as "the bunker fuels market recovered".

In its results for 2017, Grindrod said revenue from bunker fuels increased as a result of higher crude oil prices, with the South African conglomerate posting an overall year-on-year (YoY) improvement in revenue of ZAR 2,616m, or 14.0 percent, to ZAR 21,276m ($1,827m).

Grindrod also noted that reduced losses from its bunker fuels business was a key factor that led to trading profit jumping ZAR 295m, or 44.8 percent, to ZAR 954m ($81.9m).

Profit attributable to shareholders, meanwhile, was ZAR 674m ($57.9m), up from ZAR 226m in 2016.

In an analysis of financials for Grindrod's marine fuels and agricultural logistics segment, the annual report showed that revenue grew by ZAR 2,779m, or 18.8 percent, to ZAR 17,586m ($1,511m), with the division making up 82.7 percent of Grindrod's overall sales - up from 79.3 percent in 2016.

In terms of earnings before interest, taxation, depreciation and amortisation (EBITDA), the marine fuels and agri segment posted a full-year figure of ZAR 65.1m ($5.6m), up from the previous year's ZAR 176.8m loss.

Whilst the marine fuels and agri segment made up 82.7 percent of overall revenue, EBIDA only represented 6.8 percent of the group's total (ZAR 953.6m / $82.0m).

Similarly, profit attributable to shareholders from marine fuels and agri was ZAR 57.8m ($5.0m) and made up 8.9 percent of the total (ZAR 646.3m/ $55.6m); but the result was still a significant improvement on the ZAR 189.8m loss seen in 2016.

Bunker Index reported in August that Cockett posted a loss during the first half (H1) of 2017, despite revenue from bunkers climbing ZAR 2,881 million ($218 million), or 48.9 percent, to ZAR 8,778 million ($665 million).

Grindrod also made a loss of $9m on marine fuel activities in 2016, compared with the $8m profit achieved in 2015.

Cockett Marine Oil is jointly owned by Grindrod (50 percent) and Vitol (50 percent). Headquartered in Dubai, it operates globally from 15 offices and claims to trade in excess of 7 million metric tonnes per annum.






Related Links:

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Grindrod to decide on separate shipping listing by end of 2017
Cockett posts H1 loss, Grindrod records 33% fall in marine fuel profit
Cockett Marine Oil DMCC
Cockett Marine Oil Ltd.
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