KPI Bridge Oil more than doubles its operating profit after taxes

KPI Bridge Oil, which in February acquired Oceanconnect Marine, booked an operating profit of USD 28.5 million before taxes for the fiscal year 2019/2020. Bigger volumes and lower costs were among the reasons for the growth.

BY KATRINE GRØNVALD RAUN

Published: 23.06.20 at 14:39

Bunker company KPI Bridge Oil reports an operating profit of USD 28.5 million before taxes for the displaced fiscal year 2019/2020, says the company in an update. This marks a 70 percent increase compared to the year before.

Revenue came to USD 2.2 billion. The improved operating profit is especially attributed to a 10 percent growth in volumes, while the company has also reduced its operating costs as well as costs related to third parties.