Revenue rose by 20.1% y-o-y to US$7.54 billion mainly due to the increase in oil price and business volume while gross profit surged by 127.1% y-o-y to US$24.2 million mainly due to higher profits derived from jet fuel supply business, in line with the increase in jet fuel supply volume.
Analysts from CGS International and Lim & Tan Securities are keeping their “add” and “buy” calls on China Aviation Oil (CAO) after the company reported a “strong set” of results for the 1HFY2024 ended June 30.
On Aug 14, CAO reported earnings of US$42.4 million ($55.2 million) for the six-month period, 114.8% higher y-o-y than its earnings of US$19.7 million in the corresponding period the year before.
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