Hong Kong-listed bunkering and oil trading company NewOcean Energy Holdings Limited posted an approximate 16% decrease in net profit for the six months ended 30 June (H1) of 2018.
It recorded net profit of HK $337.7 million (USD $43.02 million) in H1 2018, lower compared to net profit of HK $401.7 million, according to its latest financial statement.
Revenue in H1 2018 was HK $12.0 billion, 21% more than revenue of HK $9.9 billion in the similar period last year.
In total, the company sold 1.97 billion metric tonnes (mt) of various oil products in H1 2018, more than 1.83 billion mt in H1 2017.
In the marine bunkering sector NewOcean sold 349,600 mt at Hong Kong and 325,700 mt at Singapore in H1 2018, against 366,600 mt at Hong Kong and zero mt at Singapore (due to the start of bunkering operations at the republic in H2 2017) in the comparative period.
The company is currently planning to expand its marine bunkering business to all of the ports in Malaysia, with the Singapore branch providing supply services of oil and technical support for the new markets.
Moving forward, it intends to “divert our resources into our prime markets for development, including marine bunkering in Singapore.”
“As for our marine bunkering business, since Hong Kong or ports along the coastal lines of China are not considered as embodying with any geographical advantage, our foothold established in Singapore plays a crucial role for future strategic moves,” it explains.
“Leasing the floating warehouse in Malaysia as a procurement centre has already helped lowering the procurement costs of fuel oil for marine uses, and helped the Group tap into the marine bunkering market in Singapore.
“With the sales volume significantly increasing to approximately 325,700 tonnes for the first half of 2018, we are now looking for a floating warehouse of approximately 200,000 to 300,000 tonnes for the purpose of further development.”
Related: NewOcean Energy secures $169 million loan facility
Related: NewOcean Energy signals intent to enter Malaysia bunkering market
Related: NewOcean Energy net profit up 96%
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Photo credit: NewOcean Energy Holdings Limited
Published: 30 August, 2018
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