For the full year, net profit was up 75.5 per cent to US$58.9 million from US$33.5 million in FY2022. Revenue for the year, however, dropped 12.4 per cent to US$14.4 billion from US$16.5 billion, as oil price and trading volume fell.
The group highlighted its healthy financial position as at Dec 31, 2023, with no interest-bearing debt. Its cash and cash equivalents balance also rose 21 per cent to US$373 million.
Lin Yi, chief executive officer of CAO, noted that travel recovery in key markets such as China is expected to drive the group’s performance in the near term.
“In the months ahead, the group will remain prudent in managing market risks and stay committed to strengthening operational resilience, and building on jet fuel supply and trading network, complemented with trading in other oil products. The group 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,” Lin added.
Shares of CAO were trading up 1.1 per cent, or S$0.01, at S$0.94 as at 1.25 pm on Thursday.
