During the year, total supply and trading volume decreased 25.2% to 27.6 million tonnes, while volume for middle distillates decreased 36% to 14.3 million tonnes.
SEE:Surprise writ of summons unlikely to worsen slow year for China Aviation Oil
Besides the drop in volume, CAO had to cope with higher volatility in oil prices too, which “forced” the company to bring its trading and risk management expertise into “full play”, says CEO Wang Yanjun.
“CAO has delivered a set of creditable results for FY2020, aided by the group’s proactive measures,” says Wang, who calls the year’s numbers “hard earned” given the “perilous market conditions”.
CAO plans to pay a first and final dividend of 2.58 cents for FY2020, vs 4.7 cents paid for FY2019.
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Prior to the trading break on Feb 26, CAO last traded at $1.14, down two cents.
