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WFS marine fuels segment gross profit down 34% on year to USD 100.3 million

28 Feb 2022

Global energy management company World Fuel Services (WFS) on Thursday (24 February) recorded 32.8% lower net income on year for its financial year of 2021 (FY 2021).

The company posted net income of USD 73.7 million in FY 2021 compared to USD 109.6 million in FY 2020. Revenue in FY 2021 was USD 31.3 billion, 53.4% higher than revenue of USD 20.4 billion in FY 2020.

“We delivered solid results in what remained a challenging operating environment in 2021, and we believe we are well-positioned to carry that momentum into 2022,” stated Michael J. Kasbar, chairman and chief executive officer.

“With a broad global customer base in land, sea and air markets worldwide, we are uniquely positioned to support our customers with their ongoing energy requirements as well as an expanding suite of innovative and custom-tailored sustainability solutions.”

“Our marine segment generated gross profit of $100.3 million, a decrease of 34% year-over-year, principally related to a decline in average margins in the core resale business when compared to the strong margins achieved in the prior year related to the supply imbalances arising from the implementation of the IMO 2020 regulations,” he said.

Revenue of the marine fuels segment was $8.1 billion in FY 2021, higher than revenue of 5.5 billion recorded in FY 2020, while income from the segment was $20.7 million in FY 2021, lower than income of $58.5 million in the similar period during 2020.

WFS sold 18.4 million metric tonnes (mt) of bunker fuel in FY 2021, more than the 17.5 million mt delivered during FY 2020.

Reports of WFS previous year financial performance are as follows:

Related: WFS Q3 2021 marine fuels segment gross profit down 32% on year to USD 21.9 million
RelatedWFS net income rebounds to $17.6 million in Q2 2021; marine posts $22.7 million gross profit
RelatedWFS marine segment generated gross profit of $25.4 million, down 57% on year in Q1 2021
RelatedWFS 2020 marine segment gross profit down by 17% on year due to Covid-19 factors
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: 28 February, 2022

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