Global oil and shipping group Monjasa has obtained a new credit facility of USD 80 million from French international bank Société Générale S.A. that is said to enable the group to “grow its business”.
Within the last year, the group said it has expanded beyond bunkering activities, entering oil trading.
“Monjasa has grown considerably over the past years and we have gone from being a regional bunker company to a global diversified trading group,” Kenneth Henriks, Monjasa Group CFO, said.
“We see the establishment of this new facility as a seal of approval in the robustness of our business model and confirmation of the value of our strong balance sheet, most recently demonstrated in our 2015 Annual Report,” Henriks added.
The new credit facility is already operational, however, Monjasa said it cannot go into further details about it.
In the second quarter of this year, the group released its annual report for 2015, which revealed positive results. Monjasa’s net profit stood at USD 24 million, an increase of 2 million when compared to USD 22 million in 2014.
“Presenting an increased consolidated equity of a total USD +140 million and a solvency ratio of 40%, Monjasa is in a very good financial position and well equipped to accommodate future growth,” the group’s CFO concluded.
Also in the second quarter of 2016, Monjasa Group increased an existing credit facility related to financing of the group’s offshore ship-owning activities by USD 15 million.