IMO 2020 ‘definitely making a difference’ for Innospec, says CEO & President
Colorado-based global specialty chemicals company Innospec has recorded a 46.1% on year jump in net profit for the quarter ended September 30, 2019 and expects improved company performance heading into IMO 2020.
It posted net profit of USD 30.1 million in Q3 2019, compared to net profit of USD 20.6 million in Q3 2018, according to its latest financial statement.
Revenue for Q3 2019 was USD 371.9 million, up from revenue of USD 363.1 million during the similar quarter last year.
Specifically, net revenue from the Fuel Specialties segment for the quarter was $144.1 million, a 7% increase from $134.9 million last year.
“Fuel Specialties had an excellent quarter with further sales in the marine business adding to good growth in our traditional markets,” stated Patrick S. Williams, President, and Chief Executive Officer of Innospec.
Williams, during a recent earnings call, further stated the firm to experience improved earnings from the next quarter onwards due to IMO 2020.
“It was mostly prep work still on precleaning the tanks [in Q3 2019]. You will not see the actual performance-driven side of it until IMO 2020 actually kicks into effect. So, it's mostly just tank cleaning, more than anything else, in preparation for IMO 2020,” he stated.
“And we typically don't give product lines and what their actual revenue and contribution is to the quarter. But I will tell you this, it is definitely making a difference now in that business, and we continue to see that moving forward in 2020.”
Innospec in early September launched a new series of additives, Octamar™ HF-10 Plus and Octamar™ Ultra HF, specifically developed for new blends of 0.5% sulphur limit IMO 2020 bunker fuels.
Related: Innospec launches Octamar™ series of additives for new blends of IMO 2020 bunker fuels
Photo credit: Innospec
Published: 8 November, 2019
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