Union Gas posts record profit on Cnergy petrol station growth, to open 2 more in 2027
Firm posted a record S$12 million in net profit for the six months ended Jun 30
Union Gas, a Singapore-based firm specializing in liquefied petroleum gas (LPG) distribution, reported a record net profit of S$12 million for the six months ending June 30, 2026, marking a significant increase from S$4.3 million in the same period last year. The company's retail network grew to five service stations after two more Cnergy petrol stations in Marsiling and Jurong West were set to open by 2027, as announced by CEO Teo Hark Piang in an August 13 statement.
The significant surge in net profit can be attributed to a 66.4% increase in revenue to S$106 million, driven by higher liquid fuel sales and the expansion of Cnergy's petrol-station business. Cnergy's strategic pricing, with the lowest petrol prices in Singapore, contributed to the growth in liquid fuel sales. Union Gas also declared an interim dividend of S$0.0048 per share, along with its first special dividend of S$0.0032, totaling S$0.008 per share for the first half, a notable increase from the previous year.
Despite a rise in fuel and land costs, Union Gas managed to keep Cnergy's petrol prices lower than rivals, with RON 95 petrol priced at S$2.45 per litre in June.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
