United Global's H1 net profit up 33.7%

United Global’s tank farm where it stores oil.
United Global’s tank farm where it stores oil.PHOTO: UNITED GLOBAL

SINGAPORE - Lubricant manufacturer and trader United Global, which listed on the catalist board on July 8 last year, reported net profit for the first half of the year grew 33.7 per cent to US$3.6 million (S$4.9 million).

Revenue increased 8.3 per cent to US$45.8 million for the six months ended June 30, owing to higher turnover from the manufacturing business segment, on the back of greater sales volumes and average selling prices.

It noted that prices rose owing to the higher base oil price in the period compared with last year.

The firm also had "close collaboration with our distributors to promote our products, to further increase brand awareness and market penetration of our existing range of products", it said.

Earnings per share for the period was 1.3 US cents, compared with 1.1 US cents the same period a year earlier, while net asset value per share was 7.2 US cents as at June 30, compared with 6.3 US cents.