Inventory Valuation And Backwardation RiskInventory losses driven by price volatility and sustained backwardation could reduce trading profitability and prolong a valuation discount versus peers.
Rising Input And Logistics CostsHigher procurement, freight and insurance costs combined with tighter cargo availability can increase expenses and squeeze operating margins.
Weak Airport Volumes And Associate ExposureReduced flights in certain regions and weaker refuelling volumes at major airports may limit sustainable fuel trading opportunities and temper equity earnings from airport associates.