Profits Rise at MJL, Dip for Chevron Lanka


Profits Rise at MJL, Dip for Chevron Lanka

Chevron Lubricants Lanka PLC reported decreased profits for the full year but improved earnings for its fourth quarter. Meanwhile, MJL Bangladesh reported hefty increases in profit and sales revenue for the same quarter ended Dec. 31.

Chevron Lubricants Lanka

Chevron Lubricants Lanka said that net profit for the full year decreased 2% to Rs 3.6 billion (U.S. $11.8 million), compared to 2022. Operating profit tumbled 36% to Rs 4.8 billion for the year, from Rs 7.5 billion. Sales revenue for the 12-month period was also down, by 5%, at Rs 23.3 billion, compared to Rs 24.6 billion.

The financial picture in the fourth quarter was brighter, with the company’s net profit surging 72% to Rs 733 million, improving from Rs 426.4 million in the same period in 2022. Operating profit increased 2% to Rs 990.3 million. Fourth-quarter sales revenue rose 18% to Rs 5.5 billion, compared to Rs 4.7 billion.

Headquartered in Colombo, Chevron Lubricants Lanka imports, blends, distributes and markets lubricants and greases. It blends its products at a blending plant in Sapugaskanda.

MJL Bangladesh

Lubricant blender and supplier MJL Bangladesh reported a 27% jump in consolidated net profit to Tk 763.4 million (U.S. $6.9 million) for the quarter, compared to Tk 600.7 million in the same period in 2022.

The company’s consolidated net sales revenue in the quarter climbed 31% to Tk 9.4 billion, an improvement from Tk 7.1 billion.

MJL manufactures a variety of products, including automotive, industrial and specialty lubricants. Examples of its automotive lubricants are motor oils for passenger cars, motorcycles and buses, as well as related lubricants – gear oils, automatic transmission fluids and greases. Based in Dhaka, MJL Bangladesh is a joint venture between Jamuna Oil Co. – owned by the government of Bangladesh – and EC Securities Ltd. MJL supplies ExxonMobil’s Mobil lubricants brand – blending the products locally and importing them – as well as its own Omera Lubricants brand.

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