Uni-Fuels Announces Full Year 2024 Financial Results

Core Viewpoint - Uni-Fuels Holdings Limited reported significant financial growth for the year ended December 31, 2024, with a 119% increase in total revenues driven primarily by marine fuel sales, despite a strategic shift that reduced brokerage commissions [4][5][6]. Financial Performance - Total revenues rose from approximately US$70.8 million in 2023 to US$155.2 million in 2024, marking a 119% year-over-year increase [5][6]. - Sales of marine fuels increased by approximately US$85.0 million, or 121%, from US$70.2 million in 2023 to US$155.2 million in 2024, attributed to strategic initiatives and expansion of the sales and marketing department [6][8]. - Brokerage commissions decreased by approximately US$0.6 million, or 98%, to US$12,150 in 2024, reflecting a strategic shift towards direct sales [9]. Cost and Profitability - Cost of revenues increased by approximately US$83.5 million, or 122%, from US$68.5 million in 2023 to US$152.0 million in 2024, primarily due to increased marine fuel sales [10]. - Gross profit rose by approximately US$0.9 million, or 40%, from US$2.3 million in 2023 to US$3.2 million in 2024, with a gross profit margin of approximately 2.1% in 2024 compared to 3.2% in 2023 [11][12]. - Net income decreased by 86% from US$1.2 million in 2023 to US$0.2 million in 2024, influenced by lower margins and increased operating expenses [20]. Operating Expenses - Total operating expenses increased from US$0.9 million in 2023 to approximately US$3.0 million in 2024, a year-over-year increase of 236% [7][14]. - Selling and marketing expenses rose to US$0.7 million in 2024 from US$0.2 million in 2023, driven by the expansion of sales activities [14]. - General and administrative expenses increased by US$1.7 million to US$2.3 million in 2024, reflecting workforce expansion and professional fees [15]. Market Position and Future Outlook - The company anticipates ongoing growth in 2025, driven by global expansion and enhanced operational efficiency, aiming to capture further market share [4]. - The number of customers for marine fuel sales nearly doubled from 83 in 2023 to 156 in 2024, and the number of ports served increased from 51 to 87 [6][8].