Global energy management company World Fuel Services (WFS) on Thursday (27 October) recorded an annual gross profit of USD 256 million in its marine segment for 2022 – an increase of 155% year-on-year.
The increase was primarily attributed to the impact of higher bunker fuel prices and rising interest rates, leading to an increasingly constrained credit environment, as well as higher market volatility.
The company posted net income of USD 114 million in 2022, higher than net income of USD 73.7 million seen in 2021.
Revenue for its combined aviation, land and marine segments in 2022 was USD 59 billion, a 88% jump from revenue of USD 31 billion in 2021.
The company also posted a sharp rise in its net income in its fourth quarter (Q4) of 2022 with USD 20.9 million, an increase of 36% from 15.4 million during the same period in 2021.
“We delivered solid results across all of our businesses, despite continued global macroeconomic uncertainty,” stated Michael J. Kasbar, chairman and chief executive officer.
“We continue to focus on leveraging our technical expertise and global logistics and distribution capabilities to satisfy our customers’ core energy requirements, as well as support their growing needs in achieving their carbon reduction goals.”
“In the third quarter, all of our business segments performed exceptionally well, resulting in record quarterly gross profit and adjusted EBITDA and the highest level of quarterly earnings per share in more than two years,” said Ira M. Birns, executive vice president and chief financial officer.
“We have further strengthened our balance sheet and liquidity profile, benefiting from strong operating cash flow generation during the quarter, while enhancing returns to shareholders with our previously announced 17% quarterly dividend increase.”
‘“The adaptability of our diversified portfolio of complementary businesses enabled us to successfully navigate an increasingly turbulent market in 2022 to produce a solid full year result,” stated Michael J. Kasbar, chairman and chief executive officer.
“We have established a strong foundation for ratable growth and will leverage our global expertise to provide an expanding suite of products and services, including our evolving sustainability offerings, to deliver long-term value to our customers, suppliers and shareholders.”
“In 2022, our Adjusted EBITDA improved significantly year-over-year,” said Ira M. Birns, executive vice president and chief financial officer.
“Despite higher energy prices in 2022, our strong EBITDA performance further enhanced our liquidity profile which provides greater capacity to invest in growth opportunities, while also continuing to return capital to shareholders through share buybacks and dividends.”
Photo credit: World Fuel Services
Published: 27 February, 2023
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