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Aegean Marine Petroleum Network Inc. has announced that net income attributable to shareholders increased by $18,290,000, or 104 percent, to $35,880,000 in 2015, up from $17,590,000 the previous year.

2015 figures

Sales volumes in 2015 increased by 2,150,093 tonnes, or 19.0 percent, to 13,482,478 metric tonnes, up from to 11,332,385 metric tonnes in 2014. It is the second consecutive annual rise in sales volumes. Please view the table of Aegean's annual sales volumes below.

Summary of annual sales volumes (in metric tonnes)

2015 - 13,482,478
2014 - 11,332,385
2013 - 9,941,061
2012 - 10,620,864
2011 - 10,646,271
2010 - 10,308,210
2009 - 6,192,755
2008 - 5,200,256
2007 - 3,437,269

Total revenues fell by $2,438,384,000, or 36.6 percent, to $4,223,417,000, down from $6,661,801,000 during the previous 12 months.

Significantly, despite the decline in total revenues, the total cost of revenues dropped $2,423,119,000, or 38.3 percent, from $6,324,707,000 to $3,901,588,000.

Gross profit in 2015 decreased by $5,265,000, or 1.6 percent, to $331,829,000, down from $337,094,000 the previous year.

Operating income in 2015 was $76,574,000, representing an increase of $18,658,000, or 32.2 percent, on the $57,916,000 recorded in 2014.

Fourth quarter 2015

Net income attributable to shareholders for the last three months of 2015 rose by $2,195,000, or 29.2 percent, to $9,711,000, up from $7,516,000 during the corresponding period in 2014.

Total revenues decreased by $508,425,000 or 35.4 percent, to $929,099,000, down from $1,437,524,000 during the same period in 2014.

Sales volumes between October and December rose by 1,021,507 tonnes, or 34.0 percent, to 4,029,567 metric tonnes, up from 3,008,060 tonnes in 2014.

Gross profit during the last quarter of 2015 increased by $1,218,000, or 1.4 percent, to $88,317,000, up from $87,099,000 in 2014.

Operating income during the last three months of 2015 was $24,127,000, representing an increase of $5,671,000, or 30.7 percent, on the $18,456,000 recorded the previous year.

Commenting on the results, E. Nikolas Tavlarios, President of Aegean Marine Petroleum Network, said: "Our results demonstrate the merits of Aegean's unique operating strategy and the opportunistic steps we continuously take to position the company for growth, despite industry headwinds. During the year we leveraged our expanding geographic footprint and diversified business model to deliver strong financial and operational results, including record sales volumes. Looking ahead, our business model provides flexibility to control expenses and adjust to rapidly-changing market conditions. In 2016, we believe our focus on serving customers and selling blended products will generate greater profitability and strengthen our competitive position in large strategic markets. Through our continued successful execution, Aegean will continue to expand its platform for growth and value creation."

Spyros Gianniotis, Aegean's Chief Financial Officer, stated: "During the year, we successfully entered into a new $120 million credit facility for our Fujairah oil terminal, which we believe will be a key growth driver in 2016 and beyond. With a strong balance sheet and with significant financial flexibility, Aegean is competitively positioned to deliver returns to shareholders in a variety of market conditions. Looking ahead, we will continue to evaluate efficient and profitable ways to execute our proven strategy and advance our position in the global fuel supply market."