Marine fuels conglomerate Bunker Holding saw its profits more than halve over the past year from the record highs seen in the IMO 2020 transition, but continued to gain market share.
The company reported earnings before tax of $70.3 million in the year to April 30, down by 55% from the $155.2 million seen in the 2019/20 financial year and by 9% from the $77.3 million posted in 2018/19.
In an emailed statement on Wednesday the firm characterised the result — its third-highest pre-tax profit in the company’s history — as ‘very satisfying’ despite the hit to revenues delivered by the COVID-19 pandemic and the subsequent collapse in oil prices.
Bunker Holding reported revenue of $9.8 billion, down from $10.9 billion in 2019/20 and from $10.6 billion in 2018/19.
“This has been a very challenging year for everyone in the industry,” Keld Demant, CEO of Bunker Holding, said in the statement.
“Nevertheless, our company has never been stronger.
“Following our record year of 2019/20, we maintained momentum in the midst of a pandemic that impacted most of our employees and disrupted markets globally.”
The company had made IT investment in the years before the pandemic that left it in a stronger position than most to set up home working for its staff, it said.
A release from Bunker Holding’s ultimate parent company, Selfinvest, earlier in the week said its sales volumes gained 10% on the year. Overall global demand has been falling; volumes at 17 leading bunkering areas sank by 11.6% in the year to March 31 compared with the same period a year earlier, according to Ship & Bunker and BLUE Insight‘s quarterly survey.
Bunker Holding’s headcount expanded to 1,606 staff by April 30 from 1,508 a year earlier.