- China Aviation Oil (SGX:G92)'s 2H25/FY25 PATMI exceeded our expectations at 55%/77% of FY25e forecast. Jet fuel volumes increased 15.3% y-o-y to 8.8mil mt in 2H25 while margins expanded sharply, with gross profit surging 140% y-o-y to US$42.4mil.
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- Total supply and trading volume increased 3.4% y-o-y in 2H25 to 12.15mil mt, whereas jet fuel volumes rose 15.3% y-o-y to 8.8mil mt. This was supported by China's strong passenger volume recovery, which increased 5.5% to 770mil passengers.
- China Aviation Oil is in a strong net cash position of US$686.9mil.
The positives
Increased refuelling volumes.
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- Shanghai Pudong International Airport associate remains an important profit driver, contributing 44.6% higher profits y-o-y in 2H25 at US$31.9mil (~ 52.6% of 2H25 PATMI). This was achieved despite declining crude oil price in 2025.
Margins expansion.
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