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WFS 2020 marine segment gross profit down by 17% on year due to Covid-19 factors

26 Feb 2021

New York-listed oil and bunker trading firm World Fuel Services (WFS) on Thursday (25 February) recorded gross profit of USD 851.8 million over 2020, a 23% year on year decrease compared to 2019’s annual results.

“Our marine segment generated gross profit of USD 151.4 million, a decrease of 17% year-over-year,

principally attributable to reduced global-economic activity as a result of the pandemic and lower average fuel prices throughout the year,” said Michael J. Kasbar, chairman and chief executive officer of World Fuel Services Corporation.

“While the effects of COVID-19 significantly impacted our results this past year, we took swift action to reduce our costs to better align with current economic realities, mitigating the negative impact of the near-term decline in gross profit,” said Ira M. Birns, executive vice president and chief financial officer. 

“We also further strengthened our balance sheet by generating record operating cash flow, providing significant liquidity to fund organic growth as business activity accelerates and to make strategic investments in areas with the greatest opportunities for long-term growth and operating leverage.”

In 2020, WFS recorded bunker sales of 17.5 million metric tonnes (mt), down 15.5% from 20.7 mt recorded in 2019.

Overall, WFS recorded gross revenue of USD 20.358 billion in 2020, down 44% compared to 2019 (USD 36.819 billion), and net income of USD 109.6 million reflecting a 38.7% fall on year compared to 2019 (USD 178.9 million).

Reports of WFS previous year financial performance are as follows:

Related: WFS marine segment gross profit down 40% on year to $32 million during Q3 2020
Related: WFS Q2 2020 results report operating segments ‘negatively impacted’ by Covid-19
Related: WFS marine segment posts highest level of quarterly gross profit in more than five years
Related: WFS marine sales volume approximately 12% down in FY 2019

Photo credit: World Fuel Services
Published: 26 February, 2021

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