CBL INTERNATIONAL LIMITED(Incorporated in Cayman Islands with limited liabilities)(NASDAQ:BANL)
KUALA LUMPUR, Malaysia, Sept. 12, 2024 (GLOBE NEWSWIRE) -- CBL International Limited (NASDAQ:BANL) (the "Company" or "CBL"), the listing vehicle of Banle Group ("Banle" or "the Group"), a leading marine fuel logistic company in the Asia-Pacific region, today announced its unaudited financial results for the six months ended June 30, 2024.
Financial Highlights:
Revenue: Consolidated revenue for 1H 2024 increased by 44.4% to approximately $277.23 million, compared to $191.96 million in the same period in 2023. This significant growth was driven by a 39.4% year-over-year increase in sales volume, attributed to the expansion of the Company's global supply network and higher marine fuel demand due to geopolitical factors.
Gross Profit: Gross profit for the period was approximately $2.72 million, a decrease of 32.2% compared to $4.01 million for 1H 2023. This decline was primarily driven by the reduction in premium sold to customers and led to lower gross profit per ton, which was partially offset by an increase in volume sold.
Operating Expenses: Operating expenses rose by 64.0% to approximately $4.12 million, up from $2.51 million in 1H 2023. This increase was attributed to higher selling and distribution expenses related to our sales growth, strategic expansion in the Company's supply network to new geographic areas, and the development of our biofuel operations.
Net Income: The company reported a net loss of approximately $1.62 million, compared to a net income of $1.15 million in 1H 2023. The loss was driven by lower gross margin and higher operating costs.
Cash Flow: Net cash provided by operating activities was approximately $2.30 million, a significant improvement from a cash outflow of $7.24 million in 1H 2023, reflecting better management of working capital.
Cash position: As of June 30, 2024, Banle's consolidated cash balance increased by approximately $2.29 million, or 30.9%, to $9.69 million, compared to $7.40 million as of December 31, 2023. This increase was primarily driven by improved working capital management. The Company also reported a significant increase in accounts receivable and accounts payable balances, reflecting the growth in its sales activities.
Operational Highlights:
Global Network Expansion: As of June 30, 2024, Banle expanded its global service network from 36 ports at our IPO in March 2023 to over 60 ports across Asia, Europe and Africa. This strategic expansion has enabled the Company to secure new bunkering business opportunities, particularly in European markets where environmental regulations are increasingly stringent. The opening of the Company's new office in Ireland in late 2023 has bolstered our market coverage and enhanced local sourcing capabilities. Notably, the Company completed inaugural ...
