Uni-Fuels Announces Full Year 2024 Financial Results
Uni-Fuels Holdings (NASDAQ: UFG) reported its financial results for 2024, marking its first annual results as a public company following its January 2025 IPO that raised $9.66 million. The company achieved significant revenue growth, with total revenues increasing 119% to $155.2 million in 2024, primarily driven by marine fuel sales growth of 121% to $155.2 million.
Key operational metrics showed substantial expansion, with customer base nearly doubling from 83 to 156, and ports served increasing from 51 to 87. However, despite revenue growth, net income decreased 86% to $0.2 million in 2024, down from $1.2 million in 2023, primarily due to higher operating expenses and lower margins. Gross profit increased 40% to $3.2 million, though gross profit margin declined to 2.1% from 3.2% in 2023.
Uni-Fuels Holdings (NASDAQ: UFG) ha comunicato i risultati finanziari per il 2024, segnando il suo primo bilancio annuale come società quotata in borsa dopo l'IPO di gennaio 2025 che ha raccolto 9,66 milioni di dollari. L'azienda ha registrato una crescita significativa dei ricavi, con i ricavi totali aumentati del 119% a 155,2 milioni di dollari nel 2024, trainati principalmente dall'incremento del 121% nelle vendite di carburante marino, anch'esse a 155,2 milioni di dollari.
I principali indicatori operativi hanno mostrato una forte espansione, con la base clienti quasi raddoppiata da 83 a 156 e i porti serviti cresciuti da 51 a 87. Tuttavia, nonostante la crescita dei ricavi, l'utile netto è diminuito dell'86% a 0,2 milioni di dollari nel 2024, rispetto a 1,2 milioni nel 2023, principalmente a causa di maggiori spese operative e margini più bassi. Il profitto lordo è aumentato del 40% a 3,2 milioni, sebbene il margine lordo sia sceso al 2,1% dal 3,2% del 2023.
Uni-Fuels Holdings (NASDAQ: UFG) informó sus resultados financieros para 2024, marcando sus primeros resultados anuales como empresa pública tras su oferta pública inicial en enero de 2025 que recaudó 9,66 millones de dólares. La compañía logró un crecimiento significativo en ingresos, con los ingresos totales aumentando un 119% hasta 155,2 millones de dólares en 2024, impulsados principalmente por un crecimiento del 121% en las ventas de combustible marino, también hasta 155,2 millones de dólares.
Los principales indicadores operativos mostraron una expansión considerable, con la base de clientes casi duplicándose de 83 a 156 y los puertos atendidos aumentando de 51 a 87. Sin embargo, a pesar del crecimiento en ingresos, el ingreso neto disminuyó un 86% hasta 0,2 millones de dólares en 2024, desde 1,2 millones en 2023, principalmente debido a mayores gastos operativos y márgenes más bajos. La ganancia bruta aumentó un 40% hasta 3,2 millones, aunque el margen bruto bajó al 2,1% desde el 3,2% en 2023.
Uni-Fuels Holdings (NASDAQ: UFG)는 2024년 재무 실적을 발표했으며, 2025년 1월 IPO를 통해 966만 달러를 조달한 후 처음으로 공개 기업으로서 연간 실적을 기록했습니다. 회사는 2024년 총수익이 119% 증가하여 1억 5,520만 달러에 달했으며, 이는 주로 해양 연료 판매가 121% 증가하여 같은 금액을 기록한 데 힘입은 것입니다.
주요 운영 지표는 고객 수가 83명에서 156명으로 거의 두 배로 늘어나고, 서비스 제공 항구가 51곳에서 87곳으로 증가하는 등 상당한 확장을 보였습니다. 그러나 수익 증가에도 불구하고, 순이익은 2023년 120만 달러에서 2024년 20만 달러로 86% 감소했으며, 이는 주로 운영 비용 증가와 낮은 마진 때문입니다. 총이익은 40% 증가해 320만 달러를 기록했으나, 총이익률은 2023년 3.2%에서 2.1%로 하락했습니다.
Uni-Fuels Holdings (NASDAQ : UFG) a publié ses résultats financiers pour 2024, marquant ainsi ses premiers résultats annuels en tant que société cotée en bourse après son introduction en janvier 2025, qui a permis de lever 9,66 millions de dollars. L'entreprise a enregistré une croissance significative de ses revenus, avec un chiffre d'affaires total en hausse de 119 % à 155,2 millions de dollars en 2024, principalement portée par une augmentation de 121 % des ventes de carburant maritime, également à 155,2 millions de dollars.
Les principaux indicateurs opérationnels ont montré une expansion notable, la base clients ayant presque doublé, passant de 83 à 156, et les ports desservis étant passés de 51 à 87. Toutefois, malgré la croissance du chiffre d'affaires, le bénéfice net a diminué de 86 % pour atteindre 0,2 million de dollars en 2024, contre 1,2 million en 2023, principalement en raison de charges d'exploitation plus élevées et de marges plus faibles. Le bénéfice brut a augmenté de 40 % pour atteindre 3,2 millions, bien que la marge brute ait diminué, passant de 3,2 % en 2023 à 2,1 %.
Uni-Fuels Holdings (NASDAQ: UFG) meldete seine Finanzergebnisse für 2024 und verzeichnete damit erstmals als börsennotiertes Unternehmen nach dem Börsengang im Januar 2025, bei dem 9,66 Millionen US-Dollar eingenommen wurden, Jahresergebnisse. Das Unternehmen erzielte ein erhebliches Umsatzwachstum, wobei die Gesamterlöse im Jahr 2024 um 119 % auf 155,2 Millionen US-Dollar stiegen, hauptsächlich getrieben durch ein Wachstum der Marinekraftstoffverkäufe um 121 % auf ebenfalls 155,2 Millionen US-Dollar.
Wichtige operative Kennzahlen zeigten eine deutliche Expansion, die Kundenbasis verdoppelte sich nahezu von 83 auf 156 und die bedienten Häfen stiegen von 51 auf 87. Trotz des Umsatzwachstums ging der Nettogewinn im Jahr 2024 um 86 % auf 0,2 Millionen US-Dollar zurück, von 1,2 Millionen im Jahr 2023, hauptsächlich aufgrund höherer Betriebskosten und niedrigerer Margen. Der Bruttogewinn stieg um 40 % auf 3,2 Millionen, obwohl die Bruttomarge von 3,2 % im Jahr 2023 auf 2,1 % sank.
- Revenue growth of 119% YoY to $155.2 million
- Customer base nearly doubled from 83 to 156
- Ports served increased from 51 to 87
- Gross profit increased 40% to $3.2 million
- Successful IPO raising $9.66 million in gross proceeds
- Net income declined 86% to $0.2 million
- Gross profit margin decreased to 2.1% from 3.2%
- Operating expenses increased 236% to $3.0 million
- Brokerage commissions decreased 98% to $12,150
Insights
UFG shows explosive 119% revenue growth but 86% profit decline as it sacrifices margins for market expansion after recent IPO.
Uni-Fuels' first annual report as a public company reveals a strategic trade-off between growth and profitability. The company achieved impressive top-line growth with marine fuel sales surging
However, this growth came at a significant cost to profitability. Gross margin compressed from
The strategic pivot from high-margin brokerage commissions (down
This volume-over-margin strategy is common in the marine fuels industry, which typically operates on thin margins. The recent
Year-Over-Year increases in Sales of Marine Fuels, Total Revenues and Gross Profit
SINGAPORE, April 22, 2025 (GLOBE NEWSWIRE) -- Uni-Fuels Holdings Limited (NASDAQ: UFG), (“Uni-Fuels” or the “Company”), a global provider of marine fuel solutions headquartered in Singapore, today announced its financial results for year ended December 31, 2024.
Recent Developments
- On January 15, 2025, the Company closed its initial public offering (the “Offering”) of 2,100,000 Class A Ordinary Shares at a public offering price of
$4.00 per share, for total gross proceeds of$8.4 million , before deducting underwriting discounts and commissions. All of the Class A Ordinary Shares are offered by Uni-Fuels. The Class A Ordinary Shares commenced trading on Nasdaq Capital Market on January 14, 2025, under the ticker symbol “UFG”.
- On February 4, 2025, the Underwriter exercised the over-allotment option (the “Over-Allotment Option”) in full to purchase additional 315,000 Class A Ordinary Shares from the Company at the public offering price of
$4.00 per share, generated gross proceeds of$1.26 million . After giving effect to the full exercise of the Over-Allotment Option, the total number of Class A Ordinary Shares sold by the Company in the Offering increased to 2,415,000 Class A Ordinary Shares and the gross proceeds increased to$9.66 million , before deducting underwriting discounts and commissions.
Main Highlights:
- In 2024, Sales of Marine Fuels reached US
$155.2 million , an increase of US$85.0 million ,121% Year-Over-Year, compared to approximately US$70.2 million in 2023. As a result, Total Revenues reached US$155.2 million an increase of US$84.4 million ,119% YOY, versus US$70.8 million in 2023.
- Cost Of Revenues increased approximately US
$83.5 million or122% from approximately US$68.5 million in 2023 to US$152.0 million in 2024, mainly due to growth in sales of marine fuels with increasing cost to acquire marine fuels for sales.
- Gross Profit was US
$2.3 million in 2023 and increased YOY in 2024 by US$0.9 million ,40% , to US$3.2 million .
- Total Operating Expenses rose from US
$0.9 million in 2023 to approximately US$3.0 million , a YOY increase of US$2.1 million or236% .
- As a result of these factors, Net Income decreased from US
$1.2 million in 2023 to US$0.2 million in 2024, a YOY decrease of approximately US$1.0 million or86% .
Management Commentary
“We are pleased to present our first annual results as a publicly listed company, marking a transformative year for our business and laying the groundwork for accelerated global growth” said Mr. Koh Kuan Hua, Chairman & CEO of Uni-Fuels. “Our listing on Nasdaq on January 14 of this year represents a significant milestone in our corporate journey and a strategic effort to strengthen our capital base and enhance our market presence in an increasingly competitive and globalized industry. Looking ahead, we remain confident in our capacity to capture further market share and scale our operations responsibly and efficiently to build on our early success and deliver sustained value to our shareholders.”
The Company anticipates ongoing growth in 2025, driven by its global expansion in key markets and enhanced operational efficiency, positioning it to achieve continuous improvements in revenue and profitability year-over-year.
Financial Results for the Year Ended December 31, 2024
Revenues
Total revenues increased significantly by
Sales of marine fuels – Sales of marine fuels increased by approximately US
Brokerage commissions – Brokerage commissions decreased by approximately US
Cost of revenues
Cost of revenues increased by approximately US
Gross profit
Gross profit increased by approximately US
Gross profit margin for sales of marine fuels decreased to
Despite decreases in gross profit and gross profit margin, these decisions were part of a strategy to drive sales, expand market share, and adapt to prevailing market dynamics. By offering more competitive pricing and strategically allocating resources, the Company is able to strengthen its market position and enhance long-term profitability.
Operating expenses
Selling and marketing expenses increased to US
General and administrative expenses increased by US
Other income
Other income increased by US
Income before income taxes
Income before income taxes of US
Income tax expense
Income tax expense decreased from US
Net income
As a result of the foregoing factors, net income decreased by
About Uni-Fuels Holdings Limited
Uni-Fuels is a fast-growing global provider of marine fuel solutions, helping shipping companies optimize fuel procurement across all markets and time zones. Founded in 2021, Uni-Fuels has evolved from modest beginnings into a dynamic, forward-thinking company. Backed by a passionate team and a growing presence across multiple locations, it has forged trusted partnerships with customers, supporting them in achieving their operational objectives with confidence, from shore to shore.
For more information, visit www.uni-fuels.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Uni-Fuels’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the registration statement filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Contact Information
For Investor Relations:
Uni-Fuels Holdings Ltd
Email: investors@uni-fuels.com
Skyline Corporate Communications Group, LLC
Email: info@skylineccg.com
| Uni-Fuels Holdings Limited | ||||||||
| Consolidated Balance Sheets | ||||||||
| (Expressed in U.S. Dollars, except for the number of shares) | ||||||||
| As of December 31, | ||||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash | $ | 4,324,956 | $ | 2,564,850 | ||||
| Restricted cash | - | 1,500,000 | ||||||
| Accounts receivable, net | 11,458,689 | 12,807,009 | ||||||
| Prepayments and other assets, net | 229,928 | 120,910 | ||||||
| Total current assets | 16,013,573 | 16,992,769 | ||||||
| Property and equipment, net | 329,585 | 395,056 | ||||||
| Operating lease right-of-use assets | 133,103 | 197,863 | ||||||
| Prepayments and other assets, net | 4,457 | 30,576 | ||||||
| Deferred initial public offering (“IPO”) costs | 482,183 | 112,900 | ||||||
| Total assets | $ | 16,962,901 | $ | 17,729,164 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Liabilities | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 10,092,160 | $ | 11,196,384 | ||||
| Short-term bank loans | 1,510,249 | 1,195,149 | ||||||
| Amounts due to related parties | 269,467 | 278,001 | ||||||
| Income tax payables | 91,025 | 272,437 | ||||||
| Operating lease liabilities, current | 104,267 | 85,382 | ||||||
| Accrued expenses and other liabilities | 291,464 | 177,737 | ||||||
| Total current liabilities | 12,358,632 | 13,205,090 | ||||||
| Operating lease liabilities, non-current | 41,011 | 127,834 | ||||||
| Accrued expenses and other liabilities, non-current | 10,153 | 9,700 | ||||||
| Deferred tax liabilities, net | 8,243 | 13,420 | ||||||
| Total liabilities | 12,418,039 | 13,356,044 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Class A ordinary shares (US | 735 | - | ||||||
| Class B ordinary shares (US | 2,265 | 3,000 | ||||||
| Additional paid-in capital | 3,997,000 | 3,997,000 | ||||||
| Accumulated other comprehensive income | 145 | - | ||||||
| Retained earnings | 544,717 | 373,120 | ||||||
| Total shareholders’ equity | 4,544,862 | 4,373,120 | ||||||
| Total liabilities and shareholders’ equity | $ | 16,962,901 | $ | 17,729,164 | ||||
| * | Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split. | |
| Uni-Fuels Holdings Limited | ||||||||||||
| Consolidated Statements of Income and Comprehensive Income | ||||||||||||
| (Expressed in U.S. dollar, except for the number of shares) | ||||||||||||
| For the Years Ended | ||||||||||||
| December 31, | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| Revenues | ||||||||||||
| Sales of marine fuels | $ | 155,180,863 | 67,966,869 | $ | 19,137,919 | |||||||
| Sales of marine fuels -related party | - | 2,184,911 | 10,424,827 | |||||||||
| Brokerage commissions | 12,150 | 142,479 | - | |||||||||
| Brokerage commissions -related parties | - | 491,269 | 1,255,725 | |||||||||
| Total revenues | 155,193,013 | 70,785,528 | 30,818,471 | |||||||||
| Cost of revenues | (152,009,204 | ) | (68,505,327 | ) | (28,414,153 | ) | ||||||
| Gross profit | 3,183,809 | 2,280,201 | 2,404,318 | |||||||||
| Operating expenses | ||||||||||||
| Selling and marketing | (661,892 | ) | (210,957 | ) | (146 | ) | ||||||
| General and administrative | (2,307,275 | ) | (672,131 | ) | (45,532 | ) | ||||||
| Total operating expenses | (2,969,167 | ) | (883,088 | ) | (45,678 | ) | ||||||
| Income from operations | 214,642 | 1,397,113 | 2,358,640 | |||||||||
| Other income | ||||||||||||
| Interest expense, net | (4,801 | ) | (1,907 | ) | - | |||||||
| Other income | 59,884 | 10,944 | 4,813 | |||||||||
| Total other income, net | 55,083 | 9,037 | 4,813 | |||||||||
| Income before income tax expense | 269,725 | 1,406,150 | 2,363,453 | |||||||||
| Income tax expense | (98,128 | ) | (194,363 | ) | (386,321 | ) | ||||||
| Net income | 171,597 | 1,211,787 | 1,977,132 | |||||||||
| Other comprehensive income | ||||||||||||
| Foreign currency translation adjustments | 145 | - | - | |||||||||
| Total comprehensive income | $ | 171,742 | 1,211,787 | $ | 1,977,132 | |||||||
| Earnings per share* | ||||||||||||
| Class A ordinary shares – basic and diluted | $ | 0.07 | - | $ | - | |||||||
| Class B ordinary shares – basic and diluted | 0.01 | 0.04 | 0.07 | |||||||||
| Weighted average shares outstanding used in calculating basic and diluted earnings per share* | ||||||||||||
| Class A ordinary shares – basic and diluted | 2,318,630 | - | - | |||||||||
| Class B ordinary shares – basic and diluted | 27,681,370 | 30,000,000 | 30,000,000 | |||||||||
| * | Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split. | |
| Uni-Fuels Holdings Limited | ||||||||||||||||||||||||||||||||
| Consolidated Statements of Changes in Shareholders’ Equity | ||||||||||||||||||||||||||||||||
| (Expressed in U.S. dollar, except for the number of shares) | ||||||||||||||||||||||||||||||||
| Class A ordinary share | Class B ordinary share* | Additional Paid-In | Accumulated other comprehensive | Retained | ||||||||||||||||||||||||||||
| Share | Amount | Share | Amount | Capital* | income | earnings | Total | |||||||||||||||||||||||||
| Balance as of December 31, 2021 | - | $ | - | 30,000,000 | $ | 3,000 | $ | 97,001 | $ | - | $ | 284,200 | $ | 384,201 | ||||||||||||||||||
| Net income | - | - | - | - | - | - | 1,977,132 | 1,977,132 | ||||||||||||||||||||||||
| Balance as of December 31, 2022 | - | - | 30,000,000 | 3,000 | 97,001 | - | 2,261,332 | 2,361,333 | ||||||||||||||||||||||||
| Net income | - | - | - | - | - | - | 1,211,787 | 1,211,787 | ||||||||||||||||||||||||
| Capital contribution from shareholder | - | - | - | - | 3,899,999 | - | - | 3,899,999 | ||||||||||||||||||||||||
| Dividend distribution | - | - | - | - | - | - | (3,099,999 | ) | (3,099,999 | ) | ||||||||||||||||||||||
| Balance as of December 31, 2023 | - | $ | - | 30,000,000 | $ | 3,000 | $ | 3,997,000 | $ | - | $ | 373,120 | $ | 4,373,120 | ||||||||||||||||||
| Net income | - | - | - | - | - | - | 171,597 | 171,597 | ||||||||||||||||||||||||
| Foreign currency translation adjustment | - | - | - | - | - | 145 | - | 145 | ||||||||||||||||||||||||
| Conversion of ordinary shares | 7,350,000 | 735 | (7,350,000 | ) | (735 | ) | - | - | - | - | ||||||||||||||||||||||
| Balance as of December 31, 2024 | 7,350,000 | $ | 735 | 22,650,000 | $ | 2,265 | $ | 3,997,000 | $ | 145 | $ | 544,717 | $ | 4,544,862 | ||||||||||||||||||
| * | Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split. | |
| Uni-Fuels Holdings Limited | ||||||||||||
| Consolidated Statements of Cash Flows | ||||||||||||
| (Expressed in U.S. dollar) | ||||||||||||
| For the Years Ended December 31, | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income | $ | 171,597 | $ | 1,211,787 | $ | 1,977,132 | ||||||
| Adjustments to reconcile net profit to net cash (used in) provided by operating activities: | ||||||||||||
| Depreciation | 74,490 | 32,275 | - | |||||||||
| Allowance for credit losses | (1,733 | ) | 8,473 | 4,221 | ||||||||
| Non-cash operating lease expenses | 94,099 | 61,406 | - | |||||||||
| Deferred tax expenses (benefits) | (5,177 | ) | 14,339 | (717 | ) | |||||||
| Change in operating assets and liabilities: | ||||||||||||
| Accounts receivable, net | 1,351,178 | (11,719,074 | ) | 347,634 | ||||||||
| Prepayments and other assets, net | (84,024 | ) | (133,851 | ) | (725 | ) | ||||||
| Accounts payable | (1,104,224 | ) | 9,773,464 | 144,080 | ||||||||
| Income tax payables | (181,412 | ) | (173,012 | ) | 387,038 | |||||||
| Operating lease liabilities | (138,287 | ) | (46,053 | ) | - | |||||||
| Accrued expenses and other liabilities | 155,336 | 4,452 | 168,193 | |||||||||
| Net cash provided by (used in) operating activities | 331,843 | (965,794 | ) | 3,026,856 | ||||||||
| Cash flows from investing activities: | ||||||||||||
| Purchases of property and equipment | (9,020 | ) | (427,331 | ) | - | |||||||
| Net cash used in investing activities | (9,020 | ) | (427,331 | ) | - | |||||||
| Cash flows from financing activities: | ||||||||||||
| Proceeds from short-term bank loans | 14,117,030 | 7,551,546 | - | |||||||||
| Repayments of short-term bank loans | (13,801,930 | ) | (6,356,397 | ) | - | |||||||
| Payment of offering costs related to Initial Public Offering (“IPO”) | (369,283 | ) | (112,900 | ) | - | |||||||
| Capital contribution from shareholder | - | 800,000 | - | |||||||||
| Borrowings from a related party | - | 678,259 | - | |||||||||
| Repayment of borrowings to a related party | (8,534 | ) | (400,258 | ) | - | |||||||
| Net cash (used in) provided by financing activities | (62,717 | ) | 2,160,250 | - | ||||||||
| Net increase in cash and restricted cash | 260,106 | 767,125 | 3,026,856 | |||||||||
| Cash and restricted cash, beginning of year | 4,064,850 | 3,297,725 | 270,869 | |||||||||
| Cash and restricted cash, end of year | 4,324,956 | 4,064,850 | 3,297,725 | |||||||||
| Reconciliation of cash and restricted cash to the consolidated balance sheets | ||||||||||||
| Cash | $ | 4,324,956 | 2,564,850 | $ | 3,297,725 | |||||||
| Restricted cash | - | 1,500,000 | - | |||||||||
| Total cash and restricted cash | $ | 4,324,956 | 4,064,850 | $ | 3,297,725 | |||||||
| Supplemental disclosures of cash flow information: | ||||||||||||
| Income tax paid | $ | 284,717 | 361,841 | $ | - | |||||||
| Interest expenses paid | 83,973 | 18,280 | - | |||||||||
| Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||
| Dividend distribution against capital contribution from shareholder | $ | - | 3,099,999 | $ | - | |||||||
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | 29,338 | 259,269 | - | |||||||||
FAQ
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