Global energy management company World Fuel Services (WFS) on Thursday (February 24th) reported net profit down 32.8% year on year for its fiscal year 2021 (fiscal 2021).
The company recorded net income of $73.7 million in fiscal 2021, compared to $109.6 million in fiscal 2020. Revenue in fiscal 2021 was $31.3 billion, or 53.4% more than revenue of $20.4 billion in fiscal 2020.
“We delivered strong results in what remained a challenging operating environment in 2021, and we believe we are well positioned to build on this momentum in 2022,” said Michael J. Kasbar, Chairman and Chief Executive Officer.
“With a large global customer base in land, sea and air markets around the world, we are uniquely positioned to support our customers in their ongoing energy needs, along with a growing range of innovative and customized sustainability solutions.”
“Our marine segment generated gross profit of $100.3 million, down 34% year-over-year, primarily related to lower average margins in the core resale business compared to strong margins achieved in the previous year related to supply imbalances resulting from the implementation of the IMO 2020 regulations,” he said.
Marine Fuels segment revenue was $8.1 billion in fiscal 2021, higher than revenue of $5.5 billion in fiscal 2020, while revenue segment was $20.7 million in fiscal 2021, lower than revenue of $58.5 million in the similar period in 2020.
WFS sold 18.4 million metric tons (mt) of bunker fuel in fiscal year 2021, more than the 17.5 million metric tons delivered in fiscal year 2020.
Reports on the previous year’s financial performance of the WFS are as follows:
Related: WFS Marine Fuels segment gross profit in Q3 2021 down 32% YoY to $21.9m
Related: WFS net profit rebounds to $17.6 million in Q2 2021; navy posts gross profit of $22.7 million
Related: WFS Marine Segment Generated Gross Profit of $25.4 Million, Down 57% YoY in Q1 2021
Related: WFS 2020 marine segment gross margin down 17% YoY due to Covid-19 factors
Related: WFS Marine Segment Gross Profit Down 40% YoY to $32M in Q3 2020
Related: WFS Q2 2020 Results Indicate Operating Segments ‘Adversely Affected’ by Covid-19
Related: WFS Marine Segment Posts Highest Level of Quarterly Gross Profit in More Than Five Years
Related: WFS marine sales volume down approximately 12% in fiscal year 2019
Photo credit: World Fuel Services
Posted: February 28, 2022