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China Avation Oil to hit above $1.60?
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Joelton
Supreme |
01-Mar-2024 10:55
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China Aviation Oil H2 profit up 182% to US$39.1 million amid air travel recovery
CHINA Aviation Oil (CAO) registered a 182 per cent rise in net profit to US$39.1 million for its second half year ended December, from US$13.9 million in H2 FY2022.
This was mainly attributed to a higher gross profit, other operating income and share of results from associates, partially offset by an increase in expenses, said the jet fuel trader on Thursday (Feb 29).
Total gross profit was US$40 million for the period, up 188.3 per cent on the year due to higher gains from jet fuel supply and trading of other oil products. Other operating income was US$9.1 million, a 347.3 per cent increase compared with US$2 million for H2 FY2022, mainly due to higher interest income.
Earnings per share stood at US$0.0455 for the half year, up from US$0.0161 the previous year.
Revenue for H2 rose 13.6 per cent to US$8.2 billion, from US$7.2 billion a year earlier. This was mainly due to the increase in total supply and trading volume.
CAO proposed an ordinary dividend of S$0.0271 per share and a one-off special cash dividend of S$0.0234 per share for FY2023, compared with a S$0.016 per share final dividend declared in FY2022. The payment date and record date are to be announced in due course.
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&rsquo s performance in the near term.
&ldquo 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,&rdquo Lin added.
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V9902232
Member |
01-Mar-2024 10:50
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High interest income helped the bottomline. Interest income on deposits held in related company in China not that high. With high cash pile, should return more to shareholders or change dividend policy. Special dividends may not repeat. | ||
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LoudShout
Master |
01-Mar-2024 10:47
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I think S chips on SGX are avoided like plague nowithstanding their profits and dividends. |
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msksmsks
Supreme |
01-Mar-2024 10:27
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CAO still on uptrend la... It had broke abv 90 and stayed there .. Pbbly taking a breather and let it retrace b4 the embarkment of next upwave. |
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LoudShout
Master |
01-Mar-2024 10:13
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Look like investors avoiding S chips. Profits and dividends up. | ||
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msksmsks
Supreme |
29-Feb-2024 13:20
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Result out (good) and giving 5.05ct dividends
Steady poon bibi |
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WBdisciple
Elite |
28-Feb-2024 23:17
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Looks like another booster for CAO China&rsquo s aviation fuel demand seen up 13% in 2024: CNPC research Aviation fuel consumption may hit 39.3 million tonnes this year, and crude oil imports are expected to rise 0.1 per cent to 565 million tonnes. CHINA&rsquo S aviation fuel consumption is likely to expand 13.1 per cent this year, extending a robust recovery last year on passenger travel, but the country&rsquo s crude oil imports may stay largely flat, according to forecasts by a research arm of state energy giant China National Petroleum Corp (CNPC). Aviation fuel consumption may hit 39.3 million tonnes this year, and crude oil imports are expected to rise 0.1 per cent to 565 million tonnes, or about 11.3 million barrels per day (bpd) CNPC&rsquo s Economic & Technology Research Institute (ETRI) said in its annual outlook on Wednesday (Feb 28). Kerosene demand has been widely expected to grow further this year, as China&rsquo s international air travel demand gradually recovers in the post-Covid travel market. International traffic remained depressed, at 53 per cent of pre-Covid levels at the end of 2023, LSEG data showed. Wider economic pressures have weighed on demand for diesel, a key fuel for trucks in the logistics and construction sectors, as CNPC expected diesel use to fall 2.8 per cent this year to 196 million tonnes. Petrol consumption, however, may grow 1.3 per cent to 165.1 million tonnes, CNPC said. Analysts have forecast China&rsquo s petrol demand will likely peak between 2024 and 2025, as a rollout of electric vehicles (EVs) continues at breakneck speed. EV sales are expected to account for 40 per cent of about 23 million total auto sales this year. National crude oil throughput is seen growing 1.8 per cent to a record 752 million tonnes, or 15.04 million bpd, with average refinery utilisation rate pegged at 78.3 per cent, off slightly from last year&rsquo s 78.9 per cent, CNPC added |
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WBdisciple
Elite |
23-Feb-2024 08:53
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China Aviation Oil could see 2023 earnings take off as international, domestic travel demand rises Listed on the Mainboard of the Singapore Exchange, CAO is 51 per cent controlled by China state-owned National Aviation Fuel Group, the largest aviation transportation logistics service provider in China with a presence in more than 210 airports across the country. British Pertroleum subsidiary, BP Investments Asia Limited, holds another 20 per cent stake in CAO. CAO, in turn, owns a 33 per cent stake in Shanghai Pudong International Airport Aviation Fuel Supply Company (SPIA), which is the exclusive supplier of jet fuel at Shanghai Pudong International Airport - one of the busiest airhubs in China. CAO also supplies fuel at Hong Kong International Airport. &ldquo SPIA is a major earnings contributor and given its 67 per cent drop in earnings since the pandemic, we see a runway for outperformance in 2H23 (July-December 2023) as China enters a post-Covid world,&rdquo wrote Lim & Tan analysts Chan En Jie and Nicholas Yon. Analysts see CAO&rsquo s current stock price as being extremely attractive. They expect the company to unveil strong earnings recovery for 2023, and continue this earnings momentum through 2024. CAO will unveil its results for the 2023 financial year (FY2023) next week. OCBC estimates CAO&rsquo s earnings could rise some 23 per cent to end-December 2023, while Lim & Tan is more bullish with a 50 per cent earnings rise projection. Given its strong cash holdings, negligible debt and strong growth, analysts are also expecting CAO to pay generous dividends. &ldquo We believe there is room for an increase in future dividends based on CAO&rsquo s 30 per cent dividend payout policy,&rdquo Lim & Tan said in its report. &ldquo CAO&rsquo s cash pile of US$534 (S$720) million is impressive, representing 91 per cent of current market value and with zero interest-bearing debt.&rdquo The broking house expects CAO to declare a dividend of at least 2.4 Singapore cents for FY2023, and raise this payout to 3.4 Singapore cents for the current financial year. But another development could prompt an even higher payout. With almost 90 per cent of the company&rsquo s market capitalisation in net cash, CAO&rsquo s controlling shareholders are asking for bigger payouts. In recent months the Chinese government has directed its listed state-owned enterprises, which includes CAO, to return excess capital to major shareholders via higher dividend payouts. Senior management have been told to support their companies&rsquo stock prices via share buybacks and increased investor engagement. Beijing also indicated that a component of senior management remuneration package would be pegged to their company&rsquo s share price performance. These instructions come amid Beijing&rsquo s efforts to pump prime the country&rsquo s floundering economy, an effort which requires massive amount of funds. |
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Battle123
Elite |
22-Feb-2024 17:03
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wow not bad de, like the plane is flying higer n higher leh 
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msksmsks
Supreme |
22-Feb-2024 09:41
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Slow and steady |
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msksmsks
Supreme |
21-Feb-2024 14:49
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Up down doesn't matter la
Mkt is always there Question is whether we are.still ard to trade |
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LoudShout
Master |
21-Feb-2024 14:39
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Hang Seng Index last 5 years - dropped more than 42% This is a dead beat. Used to trade ner 30,000 Now 16,600 |
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msksmsks
Supreme |
21-Feb-2024 12:50
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China & HSI mkt all surging strongly Wl the effect spillover to CAO |
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LoudShout
Master |
21-Feb-2024 09:42
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Deadbeat. If you look at the S chips, their profit guidances recently are mainly reduced revenues and increased losses. | ||
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msksmsks
Supreme |
20-Feb-2024 13:33
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reminds me of someone whom keep
deleting/removing his/her postings
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LoudShout
Master |
20-Feb-2024 13:20
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Singapore hosting airshow, but CAO remains stuck on doghouse. |
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Timer78
Veteran |
20-Feb-2024 12:33
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China Focus: China achieves mass production of sustainable aviation fuel
Source: XinhuaEditor: huaxia2024-01-23 20:28:15 BEIJING, Jan. 23 (Xinhua) -- A Chinese enterprise has developed a sustainable aviation fuel (SAF), it will be made commercially available soon. This sustainable product marks a pioneering step for the country's SAF mass production, according to Science and Technology Daily. Junheng Biology is a private petrochemical enterprise located in central China's Henan Province. After a five-year research and development phase, it has successfully converted kitchen waste oils into biodiesel and SAF by using its self-developed green and low-carbon biofuel technology, said Zhang Zhenhui, executive director of the enterprise. SAF is a new type of aviation fuel that blends bio-manufactured green jet fuel with traditional fuel in a certain proportion. It has the potential to reduce carbon emissions over the fuel's life cycle by up to 80 percent, making it a viable alternative to green aviation energy. "Junheng Biology is China's first private enterprise to obtain SAF airworthiness approval issued by the Civil Aviation Administration of China (CAAC)," a CAAC official said. The official highlighted Junheng Biology's contribution to the SAF production, noting that it not only guarantees SAF's future supply, but also sets up a benchmark for other private enterprises to contribute to the civil aviation sector's green development goal. In addition, the enterprise took the lead in developing high acid-resistant and water-resistant catalysts, as well as waste animal and vegetable oil hydrotreating technology. The related products were exported to the European Union, with the operating income exceeding 2.2 billion yuan (about 300 million U.S. dollars) in 2023. With the rapid development of the civil aviation industry, the rigid demand for aviation fuel is growing, while the large amount of greenhouse gas emissions generated during combustion has impeded the decarbonization progress of the industry. Therefore, the CAAC has taken SAF as the key focus for the medium and long-term energy saving and emission reduction, and for the realization of green development. The International Air Transport Association predicted that 65 percent of the carbon reduction in the aviation sector will be realized through the use of SAF by 2050. Various SAF technological breakthroughs will become a crucial pathway for the low-carbon transformation of the global aviation sector. Meanwhile, many oil enterprises worldwide are jumping on the SAF business bandwagon. They have carried out the construction and operation of SAF projects in many regions around the world, indicating that SAF will become an indispensable part of the energy supply business of international oil conglomerates. In April 2023, a Memorandum of Understanding for cooperation was signed between the U.S. industrial conglomerate Honeywell and China's Tianjin Free Trade Zone to establish a flagship SAF production base in north China. The move aims to meet the growing market demand for SAF, the company said. Enditem |
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Timer78
Veteran |
20-Feb-2024 08:20
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Does CAO already carry bio fuel? Boom town charlie with the levies to be imposed. Cheers! | ||
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Timer78
Veteran |
18-Feb-2024 06:43
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52 week high of 1.06 should be re written this coming week. | ||
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msksmsks
Supreme |
16-Feb-2024 14:41
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Slow and steady
amid a slower uptrend in place compared to others Nevertheless, slower is still better than nvr. Cheers |
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