KPI OceanConnect Sees 55% Drop in Pre-Tax Earnings in 2024/25
Global hybrid marine fuels firm KPI OceanConnect saw a 55% drop in its pre-tax earnings last year amid what it saw as ‘persistent downward pressure on margins’.
The company reported earnings before tax of $9 million in the year to April 30, it said in an emailed statement on Tuesday, down from $20 million in the same period a year earlier.
Revenues climbed by 1.8% on the year to $5.7 billion, while bunker volumes held steady at about 12 million mt.
The drop in earnings was “due to investments in strategic initiatives and persistent downward pressure on margins, as well as generally challenging market conditions in most regions,” the company said in the statement.
“Overall, the company is satisfied with the results, which reinforces its position as a trusted counterparty in a complex and evolving market.”
Over the past year the company made significant strides in expanding biofuel sales, with its supply network now reaching 150 terminals around the world, and it opened a new office in Tokyo, its fifth in Asia.
“We’ve sharpened our focus on delivering smarter, more efficient and cost-effective solutions to meet the industry’s evolving needs,” Dorthe Bendtsen, CEO of KPI OceanConnect, said in the statement.
“By putting people at the heart of our business, investing in the future structure of our organisation and building strong, values-driven partnerships, we’ve laid a solid foundation for long-term success.”
The latest iteration of the company’s annual 50for50 initiative, in which the firm donates to charity $50 for every deal made in a 50-day period between November 11 and December 31, raised a total of $122,300.
