World Kinect marine fuels segment gross profit up 7% on year for Q3 2024
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New York-listed global energy management company World Kinect Corporation on Thursday (24 October) recorded a 4% on year decrease in net income for the third quarter (Q3) of 2024.
The company posted net income of USD 33.5 million in Q3 2024, 4% lower than net income of USD 34.9 million seen during Q3 2023.
Revenue for its combined aviation, land and marine segments in Q3 2024 was USD 10.49 billion, a 0.09% decrease from revenue of USD 12.25 billion in Q3 2023.
Specifically, the marine segment generated gross profit of USD 37.2 million in Q3 2024, an increase of 7% on year from USD 34.6 million in Q3 2023, principally due to a higher profit contribution from the company’s resale businesses.
In total, WFS sold 4.0 million metric tonnes (mt) of bunker fuel during Q3 2024, marking no changes from 4.1 million mt of marine fuels during the similar period of last year.
“We delivered solid results in the third quarter, with our aviation business delivering strong seasonal performance,” said Michael J. Kasbar, Chairman and Chief Executive Officer.
“Looking forward, we remain dedicated to driving growth in our core business activities, worldwide, while continuing to refine our land portfolio, which should further enhance our operating efficiencies and improve returns.”
Photo credit: Shaah Shahidh on Unsplash
Published: 25 October 2024
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