KPI OceanConnect reports that profit before tax fell by 59.2% to $20m in its results for the 2023-24 financial year, ending on April 30.
The decline in earnings was recorded despite a 9% year-on-year rise in sales volume to 12m tonnes.
Revenue, meanwhile, dipped 4.6% to $5.6bn following the previous year's 99.7% jump to $5.87bn, and total equity at year-end was $78m.
KPI OceanConnect said the results were "in line with management expectations in light of the prevailing market conditions."
| Year | Profit before tax ($m) |
|---|---|
| 2020-21 | 15.1 |
| 2021-22 | 15.4 |
| 2022-23 | 49.0 |
| 2023-24 | 20.0 |
Annual bunker sales volume for KPI Oceanconnect, 2021/22 - 2023/24
Sales volume in million tonnes.
| Year | Sales volume (MMT) |
|---|---|
| 2021-22 | 7.3 |
| 2022-23 | 11.0 |
| 2023-24 | 12.0 |
Annual revenue for KPI Oceanconnect, 2020/21 - 2023/24
Revenue in $m.
| Year | Revenue ($m) |
|---|---|
| 2020-21 | 2000 |
| 2021-22 | 2940 |
| 2022-23 | 5870 |
| 2023-24 | 5600 |
Commenting on the impact that geopolitical events have had on international trade compliance requirements and global oil market fundamentals, the bunker seller pointed out that shipping firms have needed to deploy more vessels and adapt trade routes.
And as regards marine fuel demand, KPI OceanConnect noted that it had been increasing "in the traditional bunker hubs and elsewhere along the route via South Africa."
On the issue of the energy transition, KPI OceanConnect stated it had seen stronger demand for commercial partnerships relating to new fuel strategies and carbon solutions.
Over the past year, the firm conducted the first biofuel bunker delivery in the Port of Fujairah and supported LNG and biofuel bunkering and simultaneous operations (SIMOPS) for clients in the cruise, pure car and truck carrier (PCTC), bulk, container and chemical shipping sectors.
KPI OceanConnect also reached the milestone of having 100 biofuel supply locations around the world.
Anders Grønborg, CEO, remarked: "We strive to deliver tailored, value-adding services to our clients and of course have a keen focus on supporting them through the energy transition and its complexities. We firmly believe in the value of collaboration, transparency, and digitalization to drive innovation and future-proofing operations."
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