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.