CBL International Limited Announces 1H 2024 Interim Financial Results Highlighted by 44% Revenue Growth

Core Viewpoint - CBL International Limited reported significant revenue growth in the first half of 2024, driven by increased sales volume and expansion of its global supply network, despite facing challenges with gross profit margins and net income loss [2][4]. Financial Highlights - Revenue for 1H 2024 increased by 44.4% to approximately $277.23 million from$191.96 million in 1H 2023, attributed to a 39.4% year-over-year increase in sales volume [2]. - Gross profit decreased by 32.2% to approximately $2.72 million compared to$4.01 million in 1H 2023, primarily due to reduced premiums sold [2]. - Operating expenses rose by 64.0% to approximately $4.12 million from$2.51 million in 1H 2023, driven by higher selling and distribution expenses [2]. - The company reported a net loss of approximately $1.62 million, a decline from a net income of$1.15 million in 1H 2023, due to lower gross margins and higher operating costs [2]. - Net cash provided by operating activities improved to approximately $2.30 million from a cash outflow of$7.24 million in 1H 2023, indicating better working capital management [2]. - As of June 30, 2024, the consolidated cash balance increased by approximately $2.29 million, or 30.9$9.69 million compared to $7.40 million as of December 31, 2023 [2]. Operational Highlights - The global service network expanded from 36 ports at IPO in March 2023 to over 60 ports across Asia, Europe, and Africa, enhancing market coverage and local sourcing capabilities [3]. - The company commenced biofuel bunkering services in Hong Kong, China, and Malaysia, positioning itself as a pioneer in sustainable fuel solutions with a B24 biofuel blend that reduces greenhouse gas emissions by 20% [3]. - Banle adapted to macroeconomic challenges by coordinating increased fuel supplies in Asian ports to meet heightened demand amid ongoing disruptions in major trade routes [3]. Management Commentary - The Chairman & CEO expressed satisfaction with revenue growth and sales volume despite challenging market conditions, emphasizing the company's strategic initiatives in service network expansion and sustainable fuel solutions [4]. Outlook - The company aims to continue expanding its market presence, particularly in the biofuel sector, while enhancing its global supply network and driving operational efficiency [5].