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Monjasa Group reports that net profit grew by 9.1 percent in 2015 as the volume of marine products sold increased by 6.8 percent, and total revenue fell by 27.3 percent.

The Denmark-headquartered business recorded a net profit of $24 million last year - up $2 million, or 9.1 percent, on the $22 million figure achieved in 2014.

The volume of marine products sold rose from just under 3.9 million metric tonnes in 2014 to over 4.1 million metric tonnes last year, representing an increase of 6.8 percent.

Total revenue between January and December declined by $600 million, or 27.3 percent, to $1.6 billion, down from $2.2 billion the previous year.

Earnings before interest and tax (EBIT) for the group's operations declined by $5 million, or 14.3 percent, to $30 million, down from $35 million in 2014.

In other key figures, the equity ratio rose from 34 percent in 2014 to 40 percent last year; the number of employees increased by 75, or 13.4 percent, to 635; and the fleet size remained the same at 28 tankers.

In a statement, the company said: "The Monjasa Group delivered a robust performance across business units in the financial year of 2015. Presenting an all-time high equity ratio of 40 percent, Monjasa maintains its top quartile position amongst the most solid bunker companies in the world.

"Despite difficult global shipping market conditions, Monjasa succeeded in growing the total supply of oil products by 7 percent, from 3.9m to 4.1m metric tonnes. The growth was obtained through reselling as well as through physical supply activities.

"In particular, Monjasa gained market shares in bunker oil activities in Latin America and consolidated its prominent position in West Africa. Furthermore, a cautious launch of oil trading activities has solidified the growth and performance in the physical supply activities."

Commenting on the results, Kenneth Henriks, Monjasa Group CFO, said: "The 2015 financial performance is a strong testimony of Monjasa's operating model of risk mitigation and exhibits the consolidation process set out by the management two years ago. With several customer segments experiencing very difficult market conditions, we are indeed pleased to record a growing demand for our global services. This means that we are making a difference for our customers.

"The Monjasa Group's total revenue reached USD 1.6bn against USD 2.2bn in 2014, and was impacted by the significant drop in oil prices throughout 2015. Presenting an equity ratio of 40 percent, I can safely say that Monjasa is in a very good financial position and well equipped to accommodate future growth."

Anders Ostergaard, Group CEO and member of the board, remarked: "Monjasa's global network of business partners, our one brand strategy, skilled workforce and worldwide high credit ratings provide us with a solid operating platform during some difficult years for the maritime shipping industry. In 2016, we will carry on focusing on our core business areas, our cost structures, compliance, ISO and OHSAS certifications, and not the least our staff. Altogether, this will further consolidate Monjasa as a modern, client-focused, and agile global company."