Monjasa Holding managed to successfully navigate the disrupted global fuel markets in 2020. The year concluded with a 9% increase in total volumes and a net profit of USD 30m, according to the company's release.
The remainder of the year was characterised by disrupted maritime trade flows following the evolving COVID-19 pandemic. As a direct consequence, the global market for marine fuels decreased substantially. Despite this overall development, Monjasa’s services and products were more in demand than ever and Monjasa recorded an increase in volumes in each month of 2020 compared to 2019 levels.
Concluding on 2020 numbers, the Annual Report shows a slight decrease in total revenue to USD 2bn (USD 2.2bn) due to a significant decrease in average oil price levels, Group operations (EBIT) of USD 34m (USD 36m) and a net profit of USD 30m (USD 26.5m), which is above expectations. Monjasa Group consolidated equity amounts to USD 136m and a solvency ratio of 41%.
Total volumes increased by 9% to 4.9m metric tonnes (mts) (4.5m mts). Since 2017, Monjasa has increased total volumes by 40% and according to industry analysis ranks as the 6th largest global marine fuels supplier.