China Aviation Oil (Singapore) Corp Ltd (SGX: G92) is a major supplier of imported jet fuel to China’s civil aviation sector. It is the largest physical jet fuel trader by trading volume in Asia as well. 

With the recent wild swing in crude oil price, China Aviation Oil (CAO)’s business would likely be affected as well. The question is, would CAO be able to weather through the storm and sustain its business growth in the future? 

In this article, we will take a closer look at CAO to better understand its earnings and performance.  

Business Overview

The core business of CAO is the supply and trading of jet fuel which contributes 66% of total 2019 revenue. As the largest entity of its kind in China, it supplies jet fuel to 17 airports across the country. These include the gateway airports in the three largest cities in China: Beijing Capital International Airport, Shanghai Pudong and