- China Aviation Oil (SGX:G92)'s 2H23 net profit of US$39m (+98% h-o-h, +182% y-o-y) was above our estimate, with FY23 net profit 29% higher than our full-year forecast.
Strong trading gains and associate profits, special dividend proposed
- - Read this at SGinvestors.io -
- Share of associate profits surged 168% y-o-y, as China Aviation Oil's 33%-owned associate SPIA recorded higher refueling volumes in tandem with increased air traffic at Pudong Airport.
- China Aviation Oil proposed a 2.71 cents final dividend and a 2.34 cents special dividend, bringing the total China Aviation Oil's dividends for FY23 to 5.05 cents.
Core jet fuel business showing healthy signs of recovery
- - Read this at SGinvestors.io -
- However supply volumes of other oil products fell to 4.5mt (-19% h-o-h, -11% y-o-y), which management attributed to increased focus on trading of higher-margin jet fuel products.
Volume-driven earnings recovery ahead
- Read more at SGinvestors.io.
