UniFuels Holdings Limited, a global provider of marine fuel solutions headquartered in Singapore, has announced its financial results for the year ending 31 December 2024. The company reported a substantial increase in total revenues, reaching $1.552 billion, a 119% rise from the previous year, primarily driven by a 121% surge in marine fuel sales.
The company’s recent developments include its initial public offering on 15 January 2025, where it raised $96.m through the sale of 2,415,000 Class A Ordinary Shares on the Nasdaq Capital Market. This move marks a significant milestone in UniFuels’ corporate journey, as highlighted by Chairman and CEO Koh Kuan Hua, who stated, “Our listing on Nasdaq represents a strategic effort to strengthen our capital base and enhance our market presence.”
Despite the impressive revenue growth, UniFuels faced challenges with increased costs. The cost of revenues rose by 122% to $1.520b, largely due to the higher costs of acquiring marine fuels. Consequently, the company’s net income decreased by 86% to $0.2m, compared to $12m in 2023.
UniFuels’ strategic shift towards direct sales led to a decrease in brokerage commissions by 98%, as the company focused on expanding its sales and marketing efforts. This expansion resulted in the number of marine fuel customers nearly doubling from 83 to 156, and the number of ports served increasing from 51 to 87.
Looking ahead, UniFuels anticipates continued growth in 2025, driven by global expansion and enhanced operational efficiency. The company aims to capture further market share and deliver sustained value to its shareholders.
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