Fratelli Cosulich Group Releases Annual Report FY 2022: Sailing on CrossRoads
Genoa based international shipping, logistics and trading company, Fratelli Cosulich Group proudly presents its annual report for FY 2022, The company reported a remarkable 74.5% year-on-year increase in net profit for the financial year ending on 31 December 2022 (FY 2022). The latest financial figures reveal that the group achieved EUR 52.2 million (USD 57.8 million) in net profit, a significant surge from EUR 29.9 million in FY 2021. Total group revenue reached EUR 2.2 billion in FY 2022, marking a notable 46.7% increase compared to the EUR 1.5 billion revenue recorded in FY 2021.
Augusto Cosulich, Chairman of Fratelli Cosulich Group, added, “We will continue moving forward, making decisions together, and seizing opportunities with our bow pointing in the right direction when crossroads appear ahead.”
Showcasing their unparalleled success in the marine fuel and LNG industry. the Bunker trading revenues and bunker fees segment, which recorded an impressive revenue of EUR 1.8 billion for FY 2022, up 50% from FY 2021’s EUR 1.2 billion. The net profit of the group’s bunkering business reached an impressive EUR 12.6 million in FY 2022. With a strong focus on pioneering new marine fuels and reducing their carbon footprint, the company has attained their best financial results to date, while simultaneously taking on a leadership role in the sector.
Notably, Timothy Cosulich, a prominent Board Member, has been elected as the Chair of the esteemed International Bunker Industry Association, further solidifying the group’s position at the forefront of the industry. Embracing innovation and progress, Fratelli Cosulich Group has invested in tangible assets to facilitate the transition to new marine fuels. In addition, they have partnered with select collaborators to explore methods of reducing carbon emissions, embracing sustainable practices.
Throughout the year of global transition, the company has thrived on the concept of efficiency for greater output. Their exceptional 2022 financial results are a direct result of their team’s commitment to embodying this principle in their daily operations. The business unit has achieved its best performance to date, with a Gross Profit that more than doubled compared to the previous year. Despite significant price volatality in 2022, their efforts have focused on optimizing credit lines and concentrating on transactions that deliver the most substantial economic contribution.
Stefano Abate, CFO of Fratelli Cosulich Group, expressed his satisfaction with the outstanding results, stating, “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.”
The group’s success goes beyond trading, as ownership and management of their fleet of bunker tanker vessels play a pivotal role in their performance. In 2022, they renewed their fleet with the addition of “Margherita Cosulich” (built-in 2019, 7,994 dwt), replacing “Patrizia Cosulich”. Their internal ship-management team works proactively, ensuring the vessels maintain their best-in-class status, serving major oil companies.
In 2022, the group made significant progress in China, overseeing the construction of the very first two Italian-flagged LNG Bunker Vessels. These groundbreaking vessels are slated for delivery in Q3 2023 and Q1 2024, further cementing Fratelli Cosulich Group’s position as a trailblazer in the industry.
The annual report stands as a testament to Fratelli Cosulich Group’s unwavering commitment to excellence, sustainability, and progress in the marine fuel and LNG sector. As they continue to shape the industry’s future, they leave an indelible mark on the bunkering industry, inspiring others to follow in their path.
Click Here to download full Report
Source Fratelli Cosulich Group