Global energy management company World Fuel Services (WFS) Thursday (October 28) recorded net income down 73.5% year on year for the third quarter (Q3) of 2021.
The company posted net profit of $ 21.7 million in the third quarter of 2021, compared to $ 82.0 million in the third quarter of 2020. Revenue in the third quarter of 2021 was $ 8.35 billion, 86.4% more than the turnover of 4.48 billion dollars in the third quarter of 2020.
“The strengthening economy combined with the easing of global travel restrictions has contributed to another strong year-over-year increase in airline activity,” said Michael J. Kasbar, president. Managing Director of WFS.
“Despite the lingering effects of the pandemic and continued supply chain disruptions, we are well positioned to drive the growth of our core businesses while meeting the evolving energy needs of our customers.”
“Our marine segment generated gross profit of $ 21.9 million, down 32% year-on-year, due to lower average margins in the core resale business,” added Kasbar.
Marine fuels segment revenues were $ 2.10 billion in the third quarter of 2021, higher than revenues of $ 1.24 billion recorded in the third quarter of 2020, while segment revenues were $ 3.6 million in the third quarter 2021, lower than revenue by $ 8.2 million over the same period last year.
WFS sold 4.8 million metric tonnes (mt) of bunker fuel in Q3 2021, more than the 4.4 million mt delivered in Q3 2020.
The previous year’s WFS financial performance reports are as follows:
Related: WFS net income rebounds to $ 17.6 million in second quarter 2021; marine posts gross profit of $ 22.7 million
Related: WFS marine segment generated gross profit of $ 25.4 million, down 57% year-over-year in first quarter 2021
Related: WFS 2020 maritime segment gross profit down 17% year on year due to Covid-19 factors
Related: WFS Marine Segment Gross Profit Down 40% Year-Over-Year to $ 32 Million in Q3 2020
Related: WFS Q2 2020 results report operational segments ‘negatively affected’ by Covid-19
Related: WFS marine segment posts highest quarterly gross margin in more than five years
Related: WFS marine sales volume down by around 12% in fiscal 2019
Photo credit: World Fuel Services
Posted: November 1, 2021