China Aviation Oil has reported revenue of US$8.95 billion for 2HFY2021 ended Dec 2021, up 74.1% y-o-y.
However, earnings for the same period was down 50.8% y-o-y to US$16.1 million, as it suffered from lower margins.
For the whole of FY2021, earnings was down 28.2% y-o-y to US$40.35 million.
For FY2021, revenue jumped by 67.7% over FY2020 to US$17.6 billion, led by higher volume and prices.
The company’s main business is the supply of jet fuel in China.
Executive director and CEO Wang Yanjun warns that global markets will continue to experience ongoing pressures from oil price volatility, geopolitical risks as well as supply chain disruptions.
See also: Trump wins Republican nomination, setting up rematch with Biden
"Despite the current difficult business environment, the group will push ahead to strengthen its operational resilience, build on its jet fuel supply and trading network complemented with trading in other oil products,” he says.
“We will also continue to focus on long-term profitability by seeking opportunities for strategic expansion through investments in synergetic and strategic oil-related assets and businesses,” adds Wang.
CAO maintains a “cautiously optimistic outlook” for the current FY2022.
The company plans to pay a dividend of 1.9 cents, versus 2.56 cents last year.
