Monjasa Grows Sales Volumes 7% Despite "Very Difficult" Market

Monjasa Monday announced that, despite a "very difficult" market, the company had a strong performance during the 2015 financial year.

The Monjasa Group (Monjasa) Monday announced that for 2015, despite what it described as very difficult shipping markets, the company delivered a "robust" performance that saw its total supply of oil products grow by 7 percent to 4.1 million metric tonnes (mt), compared to 3.9 million mt in 2014.

The increase was realised through reselling and physical supply activities.

Monjasa says that along with the growth, it also gained market share in Latin America's bunker markets, and "consolidated its prominent position in West Africa."

Last year's "cautious launch" of its oil trading activities also solidified the growth and performance of its physical supply activities, the company added.

"Monjasa maintains its top quartile position amongst the most solid bunker companies in the world," the company said.

Volumes were not the only thing to increase at the company; Monjasa says it had 635 employees for 2015, up from 560 in 2014.

Commenting on the performance, Kenneth Henriks, Monjasa's CFO, said: "The 2015 financial performance is a strong testimony of Monjasa's operating model of risk mitigation and exhibits the consolidation process set out by the management two years ago.

"With several customer segments experiencing very difficult market conditions, we are indeed pleased to record a growing demand for our global services. This means that we are making a difference for our customers.

"Presenting an equity ratio of 40 percent, I can safely say that Monjasa is in a very good financial position and well equipped to accommodate future growth."

The company reported total revenues of $1.6 billion in 2015, compared to $2.2 billion in 2014, a result that Monjasa attributes to a considerable decline in oil prices during the 2015 year.

Net profit, however, increased to $24 million, from $22 million in 2014.

"Monjasa's global network of business partners, our one brand strategy, skilled workforce and worldwide high credit ratings provide us with a solid operating platform during some difficult years for the maritime shipping industry," said Anders Østergaard, group CEO & member of the board.

"In 2016, we will carry on focusing on our core business and areas, our cost structures, Compliance, ISO and OHSAS certifications, and not the least our staff. Thereby, we will further consolidate Monjasa as a modern, client-focused, and agile global company."

In March, Monjasa marked its fifth anniversary of operations in the U.S. oil and shipping industry, and announced that it was eyeing opportunities to continue to expand and strengthen its presence within the market.