SGX listed Chemoil Energy Limited (Chemoil) [AV5.SI] announced today it grew its after tax profit to USD $2.75 million, a quarter-on-quarter increase of 51% over the USD $1.82 million recorded in the same period in 2011.
Revenues also grew, rising to USD $3.47 billion, a 34% gain over Q1 2011's USD $2.60 billion.
Volumes grew to 5.0 million tonnes, a 19% growth from last year, which the SGX listed company said was a reflection of the additional volumes from Chemoil's new business units and increased ex-wharf and cargo volumes.
Chemoil said its key margin indicator, gross contribution per metric ton (GCMT), was USD $6.9 per metric tonne (pmt) during the period, up from USD $6.3 pmt for Q2 2011.
Tom Reilly, CEO, Chemoil
the shipping sector continues to be impacted by the difficult economic conditions
The picture for the first half as a whole was less positive, with after tax profits some 44% of 2011's first half results, sliding from USD $24.55 million to $10.77 million in 2012.
"Our 2Q2012 results showed an overall steady performance for the Chemoil group, producing reasonable growth and consistent GCMT since the start of 2012," said Chemoil's CEO, Tom Reilly, adding that, "While the shipping sector continues to be impacted by the difficult economic conditions at this time coupled with the general sluggishness caused by the Eurozone crisis, our traders and sales teams have managed to grow, while at the same time maintaining a good level of profit margin.
"In addition, our new businesses such as aviation, diesel and renewables, have created growth opportunities outside of marine fuel."
"As we mentioned last quarter, Chemoil's growth prospects are promising. As our 2Q2012 results have demonstrated, our growth initiatives have provided positive contributions to our quarterly performance even in extremely competitive markets," he concluded.
Chemoil also announced today the appointment of Fred Bendle as its new Chief Financial Officer.