CBL International Limited Announces 1H 2024 Interim Financial Results Highlighted by 44% Revenue Growth
13 September 2024 - 1:21AM
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 bunkering services through
a local physical supplier in Mauritius in May 2024, further
strengthening our market presence.
-
Biofuel Initiatives: Banle continued its
commitment to sustainability by expanding its B24 biofuel
operations, obtaining ISCC EU and ISCC Plus certifications in 2023.
The Company successfully commenced biofuel bunkering services
through local physical suppliers in Hong Kong, China, and Malaysia,
positioning itself as a pioneer in sustainable fuel solutions. The
B24 biofuel blend, which includes 24% UCOME (used cooking oil
methyl ester), offers a 20% reduction in greenhouse gas emissions
compared to conventional marine fuels, aligning with global
decarbonization efforts.
-
Response to Macroeconomic Environment: The global
economy has shown signs of moderate growth in 2024, with emerging
markets, particularly in Asia, driving this recovery. However, the
shipping industry continues to face challenges such as fluctuating
freight rates, port congestion, and disruptions in major trade
routes due to the ongoing Red Sea Crisis. Banle has proactively
adapted to these conditions, coordinating increased fuel supplies
in Asian ports to meet heightened demand, ensuring that our
customers' needs are met despite logistical challenges.
Management Commentary:
“We are pleased with the robust growth in our
revenue and sales volume during the first half of 2024, despite the
challenging market conditions. Our strategic initiatives, including
the expansion of our service network and our focus on sustainable
fuel solutions, have positioned us well to navigate these
challenges and capitalize on emerging opportunities,” said Teck Lim
Chia, Chairman & CEO of Banle Group. “While the current market
environment has pressured our margins, we remain confident in our
long-term strategy and our ability to deliver value to our
shareholders.”
Outlook:
Looking ahead, Banle remains focused on
expanding its market presence, particularly in the biofuel sector,
and continuing to enhance its global supply network. The Company is
committed to driving operational efficiency and delivering
sustainable growth in the face of ongoing macroeconomic
challenges.
Webcast Details
CBL International Limited (Nasdaq: BANL)
cordially invites you to participate in a webcast to discuss its
financial results for the six months ended June 30, 2024.
Event: |
2024 Interim Results Webcast |
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Date and Time: |
10:00 am – 11:00 am HKT on 13 September 2024 (Friday)10:00 pm –
11:00 pm EST on 12 September 2024 (Thursday) |
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Access: |
The webinar can be accessed live through the website or the webcast
link below.Webcast
Link:https://webcast.roadshowchina.cn/SHMrSGhud1hrRTZTNmRkZ0dMb09Hdz09 |
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About the Banle Group
CBL International Limited (Nasdaq: BANL) is the
listing vehicle of Banle Group, a reputable marine fuel logistic
company based in the Asia Pacific region that was established in
2015. We are committed to providing customers with one-stop
solution for vessel refueling, which is referred to as bunkering
facilitator in the bunkering industry. We facilitate vessel
refueling mainly through local physical suppliers in over 60 major
ports covering Belgium, China, Hong Kong, India, Japan, Korea,
Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan,
Thailand, Turkey and Vietnam, as of August 28, 2024. The Group
actively promotes the use of sustainable fuels and is awarded with
the ISCC EU and ISCC Plus certifications.
For more information about our company, please
visit our website at: https://www.banle-intl.com.
Forward-Looking Statements
Certain statements in this announcement are not
historical facts but are forward-looking statements.
Forward-looking statements generally are accompanied by words such
as “believe,” “may,” “could,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “plan,” “should,” “would,”
“plan,” “future,” “outlook,” “potential,” “project” and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters, but the absence of
these words does not mean that a statement is not forward-looking.
These forward-looking statements include, but are not limited to,
statements regarding estimates and forecasts of other performance
metrics and projections of market opportunity. They involve known
and unknown risks and uncertainties and are based on various
assumptions, whether or not identified in this press release and on
current expectations of BANL’s management and are not predictions
of actual performance. These forward-looking statements are
provided for illustrative purposes only and are not intended to
serve as and must not be relied on by any investor as, a guarantee,
an assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of BANL. Some
important factors that could cause actual results to differ
materially from those in any forward-looking statements could
include changes in domestic and foreign business, markets,
financial, political and legal conditions, geopolitical disruptions
and other events that result in material changes in fuel prices.
The Company undertakes no obligation to update or revise publicly
any forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company's registration statement and other
filings with the SEC.
For more information, please contact:
CBL International Limited
Email: investors@banle-intl.com |
|
Strategic Financial Relations Limited
Shelly Cheng |
Tel: (852) 2864 4857 |
Iris Au Yeung |
Tel: (852) 2114 4913 |
Email:
sprg_cbl@sprg.com.hk |
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