Fratelli Cosulich posts 74.5% on year increase in net profit, bunkering segment leads revenue generation

Business

Published Tue, 25th July 2023
by Admin

‘Another year has concluded, and I would like to use just one word to describe it: success. I want to be clear,’ states Stefano Abate, CFO of Fratelli Cosulich Group.

Genoa-based international shipping, shipments and logistics company Fratelli Cosulich Group on Monday (24 July) posted a 74.5% on year increase in net profit during its financial year that ended 31 December 2022 (FY 2022).

It recorded EUR 52.2 million (USD 57.8 million) of net profit in FY 2022 from EUR 29.9 million in FY 2021, according to latest financial figures.

Total group revenue was EUR 2.2 billion in FY 2022, up 46.7 % from revenue of EUR 1.5 billion in FY 2021.

Notably, revenue from the group’s bunkering business, specifically ‘Bunker trading revenues and bunker fees’ segment recorded revenue of EUR 1.8 billion for FY 2022; up 50% from revenue of EUR 1.2 billion for FY 2022.

Net profit of the group’s bunkering business in FY 2022 was recorded at EUR 12.6 million.

“The 2022 outstanding results [for the marine fuel and LNG segment] are directly linked to the capabilities of our team to transform this concept in a mantra for their daily operations,” explained the group.

“The financial performance of our business unit has been the best to date, with a Gross Profit that more than doubled compared to the previous year.

“Due to the significant price increase during 2022, our efforts have been to optimise our credit lines while focusing on those transactions making the best economic contribution.”

The group, similar to FY 2021, experienced positive performance in its bunker trading segment.

“With regard to bunker trading, which during 2021 had repositioned itself to values in line with the average of past years, during 2022 it experienced again, as happened in 2020 with the shock generated by the introduction of the VLSFO on the market, a moment unpredictable increase in margins caused by the increase in the price of crude oil under the pressure of international tensions,” it explained.

Stefano Abate, CFO of Fratelli Cosulich Group, was pleased with the results.

“Another year has concluded, and I would like to use just one word to describe it: success. I want to be clear. I use this concept with great consciousness borrowing its old meaning from the Latin “succedere”, namely ‘coming close after’. And 2022 was more than ever the result of the two previous years. A year in which we came close to, met, and exceeded all of our business and, more significantly, our financial goals,” he said.

Manifold Times previously reported the Group announcing the christening and launch of its second small-scale LNG bunkering vessel Paolina Cosulich.

The company also recently signed a long-term time charter agreement with Titan for its LNG bunker vessel Alice Cosulich. It also announced it became the first supplier in Italy and one of the first in Europe to deliver bio-VLSFO (Very Low Sulfur Fuel Oil) in February 2023.

In April, International Bunker Industry Association announced Timothy Cosulich, Board Member of Fratelli Cosulich would continue his role as Chair of IBIA.

Photo credit: Fratelli Cosulich
Published: 25 July, 2023

Fratelli Cosulich posts 74.5% on year increase in net profit, bunkering segment leads revenue generation

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