CBL International Limited Audited Results for the Year Ended December 31, 2022

Rhea-AI Summary

CBL International Limited (NASDAQ: BANL) filed its Form 20-F Annual Report on April 26, 2023, revealing its consolidated financial results for the year ended December 31, 2022. The report highlights a strong revenue increase of 41.8%, reaching approximately $462.9 million, primarily driven by higher marine fuel prices, despite a slight decline in sales volume. The consolidated gross profit grew by 20.2% to approximately $9.1 million, bolstered by improved profit margins. Net income saw a modest rise of 3.3%, totaling approximately $3.7 million, translating to earnings per share of $0.17. Additionally, shareholders' equity rose by 43.7% to about $12.1 million, indicating a healthier financial position. For more detailed financial insights, the complete annual report is accessible via the company's investor relations page.

Positive

• Consolidated revenue increased by approximately $136.4 million (41.8%) to $462.9 million in 2022.
• Gross profit rose by $1.5 million (20.2%) to approximately $9.1 million.
• Net income grew by approximately $116,000 (3.3%) to around $3.7 million.
• Shareholders' equity increased by approximately 43.7% to about $12.1 million.

Negative

• Sales volume of marine fuel slightly decreased, impacting revenue growth.

(Incorporated in Cayman Islands with limited liabilities)

HONG KONG, April 27, 2023 (GLOBE NEWSWIRE) -- On April 26, 2023, CBL International Limited (NASDAQ: BANL) (the “Company”) has filed with Securities and Exchange Commission (“SEC”) the Form 20-F Account Report for the audited consolidated annual results of the Company and its subsidiaries (the “Group”) for the year ended December 31, 2022 together with comparative figures for the year ended December 31, 2021. Please see below the financial highlight.

FINANCIAL HIGHLIGHT

• The Group’s consolidated revenue from sales of marine fuel increased by approximately $136,365,000 or 41.8% to approximately $462,906,000 in 2022 from approximately $326,541,000 in 2021, mainly attributable to the increase in the marine fuel price but partially offset by the slight decrease in our sales volume of marine fuel.
• The Group’s consolidated gross profit for the year ended December 31, 2022 was approximately $9,125,000, an increase of $1,534,000 or 20.2%, compared to the year ended December 31, 2021, driven by increased gross profit per ton of marine fuel sold with an effect of $1,832,000, partially offset by a decrease of volume in the amount of $298,000.
• Net income increased by approximately $116,000 or 3.3% from approximately $3,569,000 for the year ended December 31, 2021, to approximately $3,685,000 for the year ended December 31, 2022.
• Basic and diluted earnings per ordinary share is approximately $0.17.
• Total shareholders’ equity of the Company increased by approximately 43.7% to approximately $12,112,000.

For details of the account report for the year ended December 31, 2022, please refer to https://investors.banle-intl.com for Form 20-F Annual Report filed with SEC on April 26, 2023.

For more information, please contact: 
CBL International Limited 
Email: investors@banle-intl.com

 

FAQ

What were CBL International Limited's financial highlights for 2022?

CBL International Limited reported a 41.8% increase in revenue to approximately $462.9 million and a 20.2% rise in gross profit to about $9.1 million.

What is the net income for CBL International Limited in 2022?

The net income for CBL International Limited in 2022 was approximately $3.7 million, representing a 3.3% increase from the prior year.

What is the earnings per share for CBL International Limited?

The basic and diluted earnings per ordinary share for CBL International Limited is approximately $0.17.

How much did shareholders' equity increase for CBL International Limited in 2022?

Shareholders' equity for CBL International Limited increased by approximately 43.7% to about $12.1 million.