WILLEMSTAD – Curoil more than doubled its net profit in 2024, reporting earnings of just over NAf 38 million compared to NAf 18.5 million the previous year, despite a slight decline in overall revenue.
According to the company's audited financial statements, revenue fell marginally from NAf 1.12 billion in 2023 to NAf 1.10 billion in 2024. However, gross profit increased by more than NAf 18 million to approximately NAf 131 million.
The improved performance was largely driven by lower fuel procurement costs. While sales declined slightly, the cost of purchasing fuel dropped even more significantly.
One of the key contributing factors was the lower international oil price. The average price of Brent crude oil was approximately US$5 per barrel lower in 2024 than in the previous year, reducing Curoil's cost of sales by more than NAf 45 million.
The company also faced higher operating expenses. Personnel costs increased by nearly NAf 6 million after Curoil expanded its workforce, incurred higher pension obligations, and implemented a 5 percent across-the-board salary increase effective January 1, 2024.
Despite these additional costs, the reduction in fuel procurement expenses more than offset the increase, allowing the state-owned company to post one of its strongest financial performances in recent years.
The 2023 and 2024 financial statements have both received unqualified audit opinions from Ernst & Young and are awaiting formal approval by the Government of Curaçao as the company's sole shareholder.