China Aviation Oil's earnings decline 17.3% y-o-y to US$41.4 mil for 1HFY2026

Lin Daoyi

Aug 13

Shares in CAO closed 17 cents lower or 9.7%, to $1.58 on Aug 13.For 1HFY2026 ended June 30, Mainboard-listed China Aviation Oil (CAO) reported a 17.3% y-o-y decline in earnings to US$41.4 ($52.7) ...

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No dividend was declared.\nThe revenue decline was attributed to lower business volume, partially offset by the increase in revenue caused by higher oil prices. Gross profit dropped 83% to US$4.9 million as cost of sales dropped 8.6% to US$7.8 billion. This was offset by higher contributions from associates which rose 67% to US$45.9 million. \nThe decrease in profits was mainly attributable to the increased costs in securing jet fuel supply caused by the sudden escalation of the conflicts in the Middle East as well as inventory impairment losses resulting from falling oil prices in Asia and US West Coast in May and June 2026.\nOn a segmental basis, CAO's core business of jet fuel and gas oil supply and trading, or middle distillates, saw revenue increasing nearly 52% to above US$7.77 billion. The segment reversed into a loss of US$2.37 million from a profit of US$23.7 million in 1HFY2025. Volume for middle distillates decreased by 0.81% to 7.32 million metric tonne (MT), of which jet fuel supply and trading volume dipped 0.54% to 7.30 million MT for 1HFY2026.\nFor the fuel oil, crude oil, gasoline and naphtha supply and trading segment, revenue plunged 99% to US$31.0 million with a loss of US$37,000 compared to a profit of US$398,000 in 1HFY2025. The trading volume of oil products in this segment decreased 99% to 0.07 million MT for the period, mainly attributable to lower trading volume for crude oil and fuel oil. CAO had ceased its trading in crude oil effective from Jan 1.\nAs at June 30, the company held nearly US$590 million in cash and equivalents, up from US$515 million a year ago. The company was debt free. Net asset value rose 1.41 cents to 126.69 US cents.\nDespite geopolitical tensions, macroeconomic growth uncertainty, supply chain vulnerabilities, and energy market distortions, CAO believes that its robust fundamentals in its core China market, the overall unchanged recovery momentum of the global aviation industry and the growing uptake of sustainable aviation fuels in reducing aviation carbon footprint, are expected to bring opportunities for the business.\nCEO Lin Yi says, \"Capitalising on our operational resilience, market adaptability, strong balance sheet, and presence in key aviation hubs across three continents, the CAO Group is positioned to expand our jet fuel trading and supply network and continuously enhance our SAF capabilities through integrated operations, and invest in strategic oil-related assets and businesses, in order to deliver long-term sustainable returns to shareholders.\" \nExecutive chairman Xu Guohong adds that CAO may benefit from being part of the Sinopec Group following the ownership restructuring of CAO's parent, China National Aviation Fuel Group Limited, to being under Sinopec. \"Being part of the Sinopec Group could help provide CAO with broader strategic opportunities, including enhanced access to upstream refinery and supply resources, greater participation in international aviation fuel supply chain, and the potential to further strengthen the Company's first-mover advantage in SAF-related businesses, thereby strengthening CAO's capabilities for long-term shareholder value creation.\"\nShares in CAO closed 17 cents lower or 9.7%, to $1.58 on Aug 13.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}