Danish bunker and tanker group Monjasa Group improved profitability in our operations and we continued making progress in optimising operational expenditures in 2017. Together, this led to a financial turnaround compared to an unsatisfactory 2016.
Monjasa Group's annual report for 2017 displays growth in revenue to USD 1.4bn (USD 1.2bn) primarily caused by a 19% increase in oil prices. The Group delivered EBIT of USD 7m (-17m) and a net profit of USD 7m (USD -26m), which is in line with management expectations.
On the back of the improved financial performance, the Group’s consolidated equity grew to USD 124m (USD 114m) while the solvency ratio of 36.6% (36.2%) saw a further slight improvement.
Also, the annual report demonstrates a sustained positive operating cash flow throughout the year. In terms of volume, the Group supplied a total of 3.5m tonnes (3.8m) of marine fuels in 2017.
Group CEO, Anders Østergaard commented: “Like most of our peers, we can conclude that 2017 was yet another challenging year in global shipping. That is why I am particularly satisfied with our Group performance. We have spent the year moving closer to our business and offering improved quality to customers taking bunkers in markets where Monjasa is already an established supplier.”
“Looking ahead, I believe that everyone in our industry needs to demonstrate extended transparency in their operations. Not least considering IMO’s upcoming global regulations on high sulphur fuel in 2020. At Monjasa, we still have some road ahead of us, but we have come a very long way on documenting the quality of our bunker operations across sourcing, shipping and supply. Together with our improved financial performance, this is Monjasa on the right course.”
Many uncertainties keep surrounding global trade developments in 2018, however, the Monjasa Group expects another positive result of the year.