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CBL International (BANL) - 2023 Q4 - Annual Report
BANLCBL International (BANL)2024-04-18 19:00

Revenue and Profit Performance - Revenue for FY2023 decreased by 5.8% year-on-year to 435.9million,comparedto435.9 million, compared to 462.9 million in FY2022[2] - Gross profit declined by 21.0% to 7.2millioninFY2023,downfrom7.2 million in FY2023, down from 9.1 million in FY2022[2] - Net income dropped significantly by 69.3% to 1.1millioninFY2023,comparedto1.1 million in FY2023, compared to 3.7 million in FY2022[2] - Net income for 2023 was 1,132,650,asignificantdecreasefrom1,132,650, a significant decrease from 3,685,000 in 2022[15] Sales and Market Expansion - Sales volume surged by 18% year-on-year in FY2023, partially offsetting the impact of a 20% drop in average oil prices[4] - The company expanded its supply network from 36 ports in FY2022 to over 55 ports in FY2023, covering both Asia Pacific and Europe[5] - The company raised 15millionfromanIPOinMarch2023,enablingexpansionintoEuropeandnewcustomeracquisition[3]OperatingExpensesandCostsOperatingexpensesincreasedby27.115 million from an IPO in March 2023, enabling expansion into Europe and new customer acquisition[3] Operating Expenses and Costs - Operating expenses increased by 27.1% to 5.5 million in FY2023, primarily due to listing-related costs and business expansion[2][6] - Depreciation and amortization expenses increased to 170,826in2023from170,826 in 2023 from 88,175 in 2022[15] - Cash paid for interest in 2023 was 302,486,upfrom302,486, up from 261,703 in 2022[15] - Cash paid for income taxes in 2023 was 794,910,comparedto794,910, compared to 688,790 in 2022[15] Cash Flow and Financial Position - Cash position improved to 7.4millioninFY2023,upfrom7.4 million in FY2023, up from 5.0 million in FY2022[11] - Net cash used in operating activities for 2023 was (10,032,854),comparedtonetcashprovidedbyoperatingactivitiesof10,032,854), compared to net cash provided by operating activities of 3,499,133 in 2022[15] - Net cash provided by financing activities was 13,176,717in2023,comparedtonetcashusedinfinancingactivitiesof(13,176,717 in 2023, compared to net cash used in financing activities of (1,128,453) in 2022[15] - Cash at the end of 2023 was 7,402,890,anincreasefrom7,402,890, an increase from 5,032,890 at the end of 2022[15] Accounts Receivable and Payable - Accounts receivable increased to 25.1millioninFY2023,comparedto25.1 million in FY2023, compared to 18.4 million in FY2022[11] - Accounts receivable decreased by 6,679,675in2023,comparedtoadecreaseof6,679,675 in 2023, compared to a decrease of 402,941 in 2022[15] - Accounts payable increased by 14,779,300in2023,comparedtoadecreaseof14,779,300 in 2023, compared to a decrease of 5,644,677 in 2022[15] Prepayments and Other Assets - Prepayments and other current assets decreased by 19,042,364in2023,comparedtoanincreaseof19,042,364 in 2023, compared to an increase of 3,580,806 in 2022[15] New Business Initiatives - The company launched biofuel trading activities in FY2023, marking a significant step in alternative fuel exploration[3]