Paria Fuel Trading Co Ltd has recorded a profit of $231 million for the year ended 30 September 2020, according to the company’s audited financial results for the period.
For the ten month period ended 30 September 2019, Paria recorded a profit of $109 million.
In his chairman’s report Newman George stated that the audited report demonstrated the company’s “continue thriving success.”
“Paria’s successful 2020 performance was achieved in a market environment of price fluctuations and demand destruction arising from the COVID-19 pandemic with consequent lower revenues,” George stated.
“During the period, Paria ensured a competitive supply of products which allowed continued growth to its regional customer base whilst maintaining reliable and uninterrupted fuel sales to the nation,” he stated.
Newman said Paria introduced two new products Ultra Low Sulphur Diesel (ULSD) and Very Low Sulphur Fuel Oil (VLSFO), to its export markets in keeping with its growth strategies to increase market share and supply quality fuels.
For the 12 month period Paria recorded $6.75 billion in revenue.
For the 10 month period ended 30 September 2019, Paria’s revenue was $7.3 billion.
George said these results were accomplished while ensuring “steady contributions to the government via tax payments.”
VAT payments of $420.9 million, corporation tax payments of $147.3 million and the Green Fund Levy payments of $20.8 million were all made during the period, he stated.
George said of the 15.6 million barrels of fuel Paria sold, 7.2 million barrels (46.2 per cent) were supplied to the local market.
“Paria’s terminalling and logistics continue to have a pivotal role in handling and exportation of crude from our sister company Heritage Petroleum Co Ltd. Based on the throughput handled by the port of 44.5 million barrels during this fiscal year, 14.3 million barrels were crude oil from Heritage,” George stated.
George said there was also continuous investment into improving the mechanical integrity of Paria’s terminalling assets and port facilities to maintain a safe and efficient supply of fuel to its customers.
“Looking ahead the board and management are placing greater emphasis on business efficiency and cost optimisation to ensure sustainable profitability as Paria continues to navigate the COVID-19 business challenges,” George stated.