FY2023 full year revenue breakdown is likely to show more volume moved but at lower prices as 2H23 oil prices will be lower on average compared to 1H23. I nevertheless expect a revenue beat compared to FY2022. Also expect costs to remain in similar range hence FY2023 profit margins will be same or slightly lower compared to FY2022. There will still be a comfortable buffer for dividend, although total for FY2023 could come in at total less than FY2022.
Now what is exciting is that underlying oil prices have seemed to bottom from US$70+ and moving upwards. If it continues towards US$90-100 range, FY2024 will be a fantastic year.
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