KPI OceanConnect Sees 26.5% 2020/21 Volumes Gain While Profits Decline

by Ship & Bunker News Team
Monday June 21, 2021

Marine fuels firm KPI OceanConnect has joined other large brands in the industry in reporting a significant increase in volumes over the past 12 months.

The company's bunker sales volumes jumped by 26.5% in the 2020/2021 financial year from the same period a year earlier, it said in an emailed statement on Monday. Revenue was 'stable' at $2 billion, while its earnings before tax saw 'an expected small decrease' to $15.1 million, the company said.

The statement does not mention whether the numbers for 2020/21 were compared to KPI Bridge Oil's for the previous year, or both its and OceanConnect Marine's. The merger of KPI Bridge Oil and OceanConnect Marine was announced in February 2020 and completed in July the same year.

KPI Bridge Oil posted earnings before tax of $28.5 million and revenue of $2.2 billion in the year to April 30, 2020.

KPI OceanConnect cited one-off merger costs and the COVID-19 pandemic as reasons for its decline in profits over the past year.

"2020 was a challenging yet rewarding year," Søren Høll, CEO of KPI OceanConnect, said in the statement.

"We owe the success of our merger to our dedicated, skilful and agile team.

"Considering the scale and complexity of the merger we effected during the pandemic and the inevitable organisational changes and costs, I'm extremely pleased with our bottom-line result."

Ship & Bunker News Team
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