For the year ended Dec 2023, the jet fuel supplier and trader made US$58.4 million, on the back of a 12.4% drop in revenue to US$14.43 billion due to lower volume and prices.
The company attributes the better bottom line to better margins and share of earnings from associates.
In particular, with the rollback of pandemic restrictions in China, CAO's key associate, the Shanghai Pudong International Airport Aviation Fuel Supply Company was able to report a profit of US$31.46 million from US$19.21 million in FY2022.
"Capacity growth in key markets such as China which is expected to reach 6,000 international flights weekly by end of 2024 based on projections by the Civil Aviation Administration of China will serve to drive our performance in the foreseeable future," says CEO Lin Yi.
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CAO shares changed hands at 94 cents before the lunch break on Feb 29.
