CBL International Limited sees revenue growth in 1H 2024, but reports a net loss

From GlobeNewswire: 2024-09-12 11:21:00

CBL International Limited (NASDAQ: BANL) reported a 44.4% increase in revenue to $277.23 million in the first half of 2024, driven by a 39.4% rise in sales volume and global network expansion. However, gross profit decreased by 32.2% to $2.72 million, leading to a net loss of $1.62 million due to higher operating expenses.

The company’s net cash provided by operating activities significantly improved to $2.30 million in the first half of 2024, compared to a cash outflow in the same period last year. Banle Group’s cash position also increased by 30.9% to $9.69 million as of June 30, 2024, reflecting better working capital management.

Banle expanded its global service network to over 60 ports across Asia, Europe, and Africa, securing new bunkering business opportunities. In addition, the company focused on sustainability by commencing biofuel bunkering services in Hong Kong, China, and Malaysia, offering a 20% reduction in greenhouse gas emissions compared to traditional fuels.

Despite challenges in the macroeconomic environment, Banle adapted by coordinating increased fuel supplies in Asian ports to meet growing demand. The company remains committed to driving operational efficiency and sustainable growth, positioning itself to capitalize on emerging opportunities in the marine fuel industry.

CBL International Limited cordially invites investors to participate in a webcast to discuss its financial results on September 13, 2024. Banle Group, established in 2015, provides vessel refueling solutions through local physical suppliers in over 60 major ports, actively promoting the use of sustainable fuels and holding ISCC EU and ISCC Plus certifications. Visit https://www.banle-intl.com for more information.



Read more at GlobeNewswire:: CBL International Limited Announces 1H 2024 Interim