Monjasa Group delivers solid performance in 2015

By Finance

The Monjasa Group delivered a robust performance across business units in the financial year of 2015. Presenting an all time high equity ratio of 40 percent, Monjasa maintains its top quartile position amongst the most solid bunker companies in the world.

Despite difficult global shipping market conditions, Monjasa succeeded in growing the total supply of oil products by 7 percent, up from 3.9m to 4.1m metric tonnes. The growth was obtained through reselling as well as through physical supply activities.

In particular, Monjasa gained market shares in bunker oil activities in Latin America and consolidated its prominent position in West Africa. Furthermore, a cautious launch of oil trading activities has solidified the growth and performance in the physical supply activities.

Monjasa Group delivers solid performance in 2015

Monjasa Group CFO, Kenneth Henriks: “The 2015 financial performance is a strong testimony of Monjasa’s operating model of risk mitigation and exhibits the consolidation process set out by the management two years ago. With several customer segments experiencing very difficult market conditions, we are indeed pleased to record a growing demand for our global services. This means that we are making a difference for our customers.”

He continues: “The Monjasa Group’s total revenue reached USD 1.6bn against USD 2.2bn in 2014, and was impacted by the significant drop in oil prices throughout 2015. Presenting an equity ratio of 40 percent, I can safely say that Monjasa is in a very good financial position and well equipped to accommodate future growth.”

Monjasa Group’s operations (EBIT) of the year reached USD 30m, against USD 35m in 2014, while the net result amounted to USD 24m compared to USD 22m the previous year.

The consolidated equity of the Group makes up USD 144m against USD 124m in 2014.

Expectations for 2016

Anders Østergaard, Group CEO & member of the board, elaborates: “Monjasa’s global network of business partners, our one brand strategy, skilled workforce and worldwide high credit ratings provide us with a solid operating platform during some difficult years for the maritime shipping industry. In 2016, we will carry on focusing on our core business and areas, our cost structures, Compliance, ISO and OHSAS certifications, and not the least our staff. Thereby, we will further consolidate Monjasa as a modern, client-focused, and agile global company.”

2015 Highlights – The Monjasa Group at a Glance

Revenue: USD 1.6bn (2014: USD 2.2bn)
Equity ratio: 40% (2014: 34%)
Operations (EBIT): USD 30m (2014: USD 35m)
Net profit: USD 24m (2014: USD 22m)
Supplied oil products: 4.1m mts (2014: 3.9m mts)
Number of employees: 635 (2014: 560)
Fleet size: 28 tankers (2014: 28 tankers)

Source: Monjasa Group