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Profits dip at World Fuel Services despite progress in first half of the year

Rising costs erode the increasing revenue at World Fuels Services Corporation in the first half of 2021. The group's marine fuel sales were hit hardest by the sliding profitability.

Michael J. Kasbar, Chairman and CEO, World Fuel Services Corporation | Photo: PR / World Fuel Services

US-based World Fuel Services Corporation, which supplies fuels for shipping, aviation and land transport, projects growing profits ahead despite declining profits in all three business segments in the first half of 2021.

While revenue rose to USD 13 billion in the first six months of the year against USD 11.2 in the same period in 2020, gross profits declined to USD 375.5 million against 472.6 million year-over-year as a result of rising costs.

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