Hong Kong-listed bunkering and oil trading company NewOcean Energy Holdings Limited posted a 9.7% increase in net profit in the six months ended 30 June (1H) of 2019.
It recorded net profit of HKD 370.57 million (USD 47.24 million) in 1H 2019, up from net profit of HKD 337.65 million during 1H 2018, according to a recent financial statement.
Revenue in 1H 2019 was HKD 14.30 billion, a 19.2% increase from revenue of HKD 12.00 billion in 1H 2018.
The company’s total oil sales (including marine fuel) divided into regions are as follows:
| Sales Category | 1H 2018 | 1H 2019 | % change |
| Hong Kong and Singapore | |||
| Oil and chemical products | 1,053,500 mt | 2,191,000 mt | +108.0% |
| China | |||
| Oil and chemical products | 917,700 mt | 544,000 mt | – 40.7% |
| Total | 1,971,200 mt | 2,735,000 mt | + 38.8% |
“As for our marine bunkering business, since Hong Kong or ports along the coastal lines of the Mainland China are not considered as embodying with any geographical advantage, our foothold established in Singapore plays a very crucial role for improving our marine bunkering business,” it stated.
“Additionally, leasing a floating warehouse with a size of 300,000 tonnes as a procurement centre in Malaysia had already sufficiently helped lowering the procurement costs of marine fuel oil, and successfully helped the Group to tap into the marine bunkering market in Singapore.
“Our ultimate goal is to further increase the market share and explore stable and long-term high-end clients.”
Moving forward, NewOcean notes it is currently planning to expand its bunkering business to all of the ports in Malaysia.
It points out its establishments at Port Klang in Malaysia have started trading and refueling business since early August 2019.
NewOcean’s subsidiary in Singapore, known as NewOcean Fuel (Singapore) Pte. Limited, will continue to provide supply services of oil products and technical support for these new markets.
Related: NewOcean Singapore bunker sales jump nine-fold in FY2018
Related: NewOcean charters VLCC to support Singapore bunker ops
Related: Hong Kong: NewOcean Energy H1 net profit down 16% on year
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%
Related: Hong Kong MFM bunker operations need this factor to flourish
Photo credit: NewOcean Energy Holdings Limited
Published: 27 August, 2019
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