China Anergy supply
Revenue rises 18.2%, but weaker gross profit and higher expenses weigh on financial performance occurred as energy supply chains faced disruptions following the escalation of the Middle East conflict, which pressured gross profit and increased operating expenses.
The jet fuel supplier’s financial results, released on Thursday (Nov 12), indicated that revenue climbed 18.2 per cent to US$5.4 billion, compared with US$4.6 billion in the previous year.
The group also announced a one-off special interim cash dividend of S$0.0372 per share to mark the 25th anniversary of its listing on the Singapore Exchange’s mainboard.
Gross profit for the quarter dropped 76.1 per cent to US$6.5 million from US$27.3 million, while administrative expenses nearly doubled to US$6.2 million.
However, the decline was partially offset by contributions from CAO’s associates. Its share of associates’ results increased 34.5 per cent year on year to US$21.2 million for the third quarter, up from US$15.8 million.
Earnings per share fell to US$0.0229, compared with US$0.0448 the year prior.
For the first nine months of 2026, CAO’s net profit decreased 31 per cent year on year to US$61.2 million, from US$88.6 million.
Revenue grew 0.6 per cent to US$13.22 billion from US$13.14 billion, primarily driven by higher oil prices.
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Nine-month gross profit plunged 80.2 per cent to US$11.4 million, while total expenses climbed 65.5 per cent to US$21.5 million.
Meanwhile, its share of associates’ results surged 55.3 per cent to US$67.1 million, bolstered by stronger contributions from Shanghai Pudong International Airport A
SPIA’s contribution rose 56.4 per cent to US$63.8 million, supported by higher refuelling volumes that boosted both revenue and profitability.
Nine-month earnings per share stood at US$0.0707, compared with US$0.1029 in the previous year.
Outlook
Despite the difficult operating environment, CAO remains cautiously optimistic about its future, pointing to resilient demand in its core China market and the ongoing recovery of international air travel.
The group noted that China’s international air passenger traffic grew 4.7 per cent year on year to 61.95 million passengers during the first nine months of 2026.
Chief executive Lin Yi said CAO has managed to stabilise operations and minimise the impact of supply-chain disruptions through its diversified international operations.
The group plans to expand its jet fuel trading and supply network and strengthen its sustainable a
As of Sep 30, CAO held cash and cash equivalents of US$513.9 million, down from US$687 million at the end of December 2025.
Its net asset value per share increased to US$1.3002 from US$1.2528 at the end of 2025.
