International bunkering firm Monjasa on Wednesday (3 April) posted a 28.6% decrease in net profit for its financial year (FY) of 2018, in line with expectations.
It recorded net profit of US $5 million for FY 2018, down from profit of US $7 million for FY 2017.
Coupled with a higher average Brent oil price of US $71 per barrel, total revenue increased to US $2.1 billion in FY2018, 50% higher than US $1.4 billion in FY2017.
Total bunker sales volume increased by 17% reaching 4.1 million metric tonnes (mt) across all core markets and most notably in the Americas (31%), Southeast Asia (25%) and Europe (23%).
Coupled with the entry of new banking partners and closer relations with oil majors, the Monjasa Group improved its business fundamentals during the year, it notes.
“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,” said Group CEO, Anders Ostergaard.
“We managed to expand our banking pool with two new partnerships to cater for our working capital needs in relation to our activities in the US and in the Middle East. At the same time, we accomplished to build close relationships with oil majors to secure future availability of low-sulphur products to meet the IMO 2020 regulations.
“Tomorrow’s success comes from extended transparency, getting all details right and daring to be rated by those around us. In these challenging shipping markets, I am pleased to say that Monjasa is in a good position in the global bunker industry.”
Moving forward, Monjasa says its top priority in 2019 is to offer a safe port for customers during the near-future transition towards more environmentally sound fuel products.
With the progress made in 2018, Monjasa firmly believes to have the right organisation and the operational and financial strength to secure positive developments in 2019.
A summary of Monjasa 2018 developments (in descending date order) are as follows:
Related: Monjasa expands operations to Djibouti, announces new banking partner
Related: Monjasa and J.P. Morgan Chase in credit arrangement
Related: Monjasa secures tenth bunker tanker for West Africa ops
Related: Monjasa expands ops to Northern France, adds bunker tanker
Related: Monjasa acquires time-chartered bunkering tanker
Related: Monjasa appoints DNV-GL as new external auditor
Related: Monjasa starts international oil and shipping trainee programme
Photo credit: Monjasa
Published: 4 April, 2019
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