Monjasa highlights sales volume rise in 2018

Bunker seller upbeat about net profit result as revenue and cost of sales both climb by around half.

Anders Østergaard, Monjasa Group CEO. Image credit: Monjasa

Updated on 04 Apr 2019 11:28 GMT

Bunker supplier and trader Monjasa has confirmed in its latest annual report that sales volume rose year-on-year (YoY) by 0.6m tonnes, or 17 percent, to 4.1m metric tonnes in 2018.

In particular, the Danish bunker group highlighted the rise in sales volume in the Americas (by 31 percent), Southeast Asia (25 percent) and Europe (23 percent).

A special mention was also given to the company's performance in the Panama Canal, where Monjasa now claims to be the second-biggest bunker supplier.

Additionally, Monjasa explained that it managed to sell to more than 250 new customers in 2018, whilst performing deliveries in 601 ports - up from 558 in 2017.

In terms of net profit after tax, the 2018 figure was down YoY by $1.9m, or 28.2 percent, to $4.9m, which the company said was in line with expectations.

Gross profit fell $2.2m, or 4.3 percent, to $49.1m as both revenue and the cost of sales rose by around half. The increase in revenue was $665.9m, or 47.3 percent, to $2.073bn, whilst the cost of sales jumped $669.2m, or 50.1 percent, to $2.004bn.

Monjasa's consolidated equity, meanwhile, dipped $3m to $121m.

Commenting on the results, Group CEO Anders Østergaard remarked: "2018 was a good year for the Monjasa Group. We succeeded to increase our sales volume significantly across all markets while at the same time improving our business fundamentals."

Discussing the progress made in relation to preparations ahead of the global 0.5 percent cap on fuel sulphur content in 2020, the bunker seller noted: "In 2018, Monjasa accelerated preparations for meeting customer demand for low sulphur fuels come 2020. An important element has been to successfully tighten relations with oil majors to secure future availability of high-quality products. Monjasa is thus confident about making the demanded fuels available in our core markets well before 1 January 2020."