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.