- China Aviation Oil (SGX:G92)'s 2H25 net profit came in US$60.6mil (+21.1% h-o-h, 69.1% y-o-y), with FY25 net profit of US$110.6mil handily beating the street’s projection by 14%.
- - Read this at SGinvestors.io -
Convincing beat on better trading economics.
- The real surprise was in middle distillates gross profit per tonne, which expanded to US$4.7/mt in 2H25, up 77% y-o-y and 15.8% h-o-h, as favourable regional arbitrage conditions widened and SAF supply contributed incrementally to the mix.
- Key associate SPIA also came in slightly ahead of expectations, delivering US$31.9mil in equity earnings in 2H25, up 45% y-o-y, supported by China's continued aviation recovery with international traffic rebounding.
The only blip in an otherwise impressive report was capital returns.
- - Read this at SGinvestors.io -
Volatility across crude and refined product markets should be supportive for CAO.
- Read more at SGinvestors.io.
