Fri 8 May 2009, 06:53 GMT

World Fuel Services posts 63% profit increase


Increase in net income is helped by rise in marine segment profit.



World Fuel Services Corporation (WFS), a global leader in the marketing and sale of marine, aviation and land fuel products, has posted a 63 percent rise in net income during the first quarter of 2009, helped in part by a 28 percent increase in marine segment profit.

The company reported a first quarter net income of $25.8 million, or $0.87 per share, compared to $15.8 million, or $0.54 per share in the first quarter of 2008, representing a US$13 million profit increase year-on-year.

“Although the global economy remained uncertain, we delivered strong first quarter results, effectively managed risk and continued to execute upon our long-term growth strategy,” said Paul H. Stebbins, chairman and chief executive officer of WFS.

“Our balance sheet and liquidity position remain very strong as we continue to be the counterparty of choice in the markets we serve.”

The company’s marine segment generated a gross profit of $47.1 million in the first quarter of 2009, an increase of 28 percent year-on-year.

“During a quarter in which markets continued to soften, our heightened discipline and solid execution allowed us to generate strong operating results,” commented Michael J. Kasbar, president and chief operating officer.

The company’s aviation segment generated first quarter gross profit of $32.0 million, a year-over-year decrease of 9%. “While industry conditions remain challenging, our aviation segment delivered good results,” added Kasbar.

The company’s land segment posted gross profit of $8.2 million in the first quarter, an increase of $6.4 million year-on-year, driven principally by the acquisition of Texor, WFS said.

“By delivering strong operating results and further reducing our net trade cycle we generated $89.6 million of operating cash flow in the first quarter,” said Ira M. Birns, executive vice president and chief financial officer.

“We have now generated more than $570 million of operating cash flow over the past three quarters, further strengthening our balance sheet and liquidity profile,” added Birns.


Monjasa Oil & Shipping Trainee (MOST) trainees. Monjasa opens applications for global trainee programme  

Marine fuel supplier seeks candidates for MOST scheme spanning offices from Singapore to New York.

Singapore's first fully electric harbour tug. Singapore's first fully electric tug completes commissioning ahead of April deployment  

PaxOcean and ABB’s 50-tonne bollard-pull vessel represents an early step in harbour craft electrification.

Fuel for thought: Hydrogen report cover. Lloyd's Register report examines hydrogen's potential and challenges for decarbonisation  

Classification society highlights fuel's promise alongside safety, infrastructure, and cost barriers limiting maritime adoption.

Bureau Veritas and Straits Bio-LNG sign MoU. BV Malaysia partners with Straits Bio-LNG on sustainable biomethane certification  

MoU aims to establish ISCC EU-certified biomethane production and liquefaction facility in strategic alliance.

Molgas Energy logo. Molgas becomes non-clearing member at European Energy Exchange  

Spanish energy company joins EEX as it expands European operations and strengthens shipper role.

Yiannis Diamandopoulos, Elinoil. Diamandopoulos appointed CEO of Elinoil as Aligizakis becomes chairman  

Greek marine lube supplier announces leadership changes following board meeting on 5 January.

Sustainable Marine Fuel Services webinar hosted by BV graphic. Bureau Veritas to host webinar on sustainable marine fuel transition challenges  

Classification society to address regulatory compliance, market trends, and investment strategies in February online event.

Inchcape Shipping Services logo. Inchcape to provide bunkering services from new Indonesian offices  

Port agency establishes presence in key bulk and tanker operation hubs handling 150 calls annually.

CPN launch of B100 marine biodiesel supply in Hong Kong graphic. Chimbusco Pan Nation launches B100 biodiesel supply in Hong Kong  

Bunker tanker Guo Si becomes Hong Kong's first Type II certified vessel for pure biodiesel operations.

Vox Apolonia vessel. Van Oord completes Dutch beach replenishment using 100% bio-LNG  

Dredger Vox Apolonia deposited 1 million cbm of sand at Noord-Beveland beach under Coastline Care programme.