Uni-Fuels saw significant sales growth in marine fuels in 2024, but experienced an 86% decrease in net income
From GlobeNewswire: 2025-04-22 16:30:00
Uni-Fuels Holdings Limited announced its financial results for 2024, revealing a significant increase in Sales of Marine Fuels to US$155.2 million, a 121% YOY growth. Total revenues also surged to US$155.2 million, a 119% YOY increase. Despite this, Net Income decreased by 86% to US$0.2 million in 2024.
The Company successfully closed its IPO, raising $8.4 million in gross proceeds from 2,100,000 Class A Ordinary Shares. An additional 315,000 Class A Ordinary Shares were sold under the Over-Allotment Option, increasing gross proceeds to $9.66 million. The shares trade on Nasdaq under the ticker symbol “UFG”.
Uni-Fuels anticipates continued growth in 2025, driven by global expansion and operational efficiency. The Company’s strategic efforts aim to capture more market share and deliver sustained value to shareholders. Management remains confident in their ability to scale operations responsibly and achieve revenue and profitability improvements year-over-year.
Cost of Revenues rose by 122% in 2024 to US$152.0 million due to increased sales of marine fuels. Gross Profit increased by 40% to US$3.2 million, while Total Operating Expenses surged by 236% to approximately US$3.0 million. This led to a decrease in Net Income from US$1.2 million in 2023 to US$0.2 million in 2024.
Sales of marine fuels saw a substantial increase to approximately US$155.2 million in 2024, driven by strategic initiatives like expanding the sales department and customer base. Brokerage commissions decreased by 98% to US$12,150, reflecting a shift towards enhancing sales activities. The Company served 156 customers in 2024, up from 83 in 2023.
Uni-Fuels’ financial statements for 2024 revealed a 119% increase in Total Revenues to US$155.2 million, mainly attributed to rising sales of marine fuels. Despite a decrease in Net Income to US$0.2 million, the Company’s strategic focus on sales expansion and customer base growth has positioned it for continued success in the market.
Read more at GlobeNewswire:: Uni-Fuels Announces Full Year 2024 Financial Results