- CBL International (BANL, Financial) reported a 35.9% increase in revenue to $592.52 million in 2024.
- The company swung to a net loss of $3.87 million, down from a net income of $1.13 million in 2023.
- Biofuel sales surged by 628.8%, with volume growth of 603.0%.
CBL International Limited (BANL) announced its financial results for 2024, reporting a substantial increase in revenue to $592.52 million, up 35.9% from the previous year. This growth was attributed to a 38.1% rise in sales volume, driven by network expansion from 36 to over 60 ports and the diversification of customer bases, which included bulk carriers and oil and gas tankers in addition to container liner operators.
Despite the robust revenue growth, CBL incurred a net loss of $3.87 million in 2024, compared to a net income of $1.13 million in 2023. This decline was primarily due to a 25.5% decrease in gross profit to $5.37 million and a 56.8% rise in operating expenses to $8.70 million. The company's strategy of competitive pricing to gain market share resulted in narrower profit margins and impacted overall profitability, with earnings per share falling from $0.045 to -$0.136.
A notable achievement during the year was a 628.8% surge in biofuel sales, with volume up by 603.0%. The introduction of B24 biofuel, consisting of 24% used cooking oil methyl ester, in markets like Hong Kong, China, and Malaysia, supported significant growth in this segment, reflecting the company's commitment to sustainable initiatives.
The company's cash position improved, rising 8.3% to $8.02 million, providing a slight buffer against ongoing financial challenges. CBL's expansion into new markets, including Mauritius, Panama, and India, and partnerships with nine of the world's top 12 container shipping lines, highlight its strategic positioning for long-term growth. However, the increased operational footprint has also contributed to higher costs, underscoring the need for efficiencies to offset the expanded cost structure.
