- China Aviation Oil (SGX:G92)’s FY24 revenue grew 7.6% to US$15.5b, driven by a 9.4% increase in total supply and trading volume to 21.9m metric tonnes.
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Another year of sequential improvement.
- Management attributed this to greater competitive pressures in North America, as well as a challenging trading environment for other oil products, especially crude oil. Consequently, gross profit fell 17.3% to US$41.9m.
- Together with a 51.4% increase in share of results from associates to US$45.9m, as well as the absence of impairments in FY24, China Aviation Oil's net income for the year grew 33.8% to US$78.1m – translating to earnings per share (EPS) of 9.11 US cents.
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Surpassing our expectations.
- Altogether, FY24 revenue and net income came in 5% and 6.5% above our full year forecasts, respectively, on higher-than-expected volumes.
- The company has proposed an ordinary dividend of 3.72 Singapore cents per share, representing a constant dividend payout ratio of 30%. See China Aviation Oil's dividend payout dates. Without taking into consideration the special one-off cash dividend of 2.34 Singapore cents, which was paid out in FY23 in commemoration of China Aviation Oil’s 30th year of establishment in Singapore, FY24 dividend is 37.3% higher y-o-y (YoY), reflecting the company’s improved financial performance.
Maintains a healthy debt-free position and ended FY24 with US$500m worth of cash.
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