- Uni-Fuels Holdings (UFG, Financial) saw a 119% increase in total revenues to $155.2 million in 2024.
- The company nearly doubled its customer base from 83 to 156 and expanded served ports from 51 to 87 in 2024.
- Despite revenue growth, net income dropped 86% to $0.2 million due to higher operating expenses.
Uni-Fuels Holdings Limited (UFG), a global marine fuel solutions provider, reported significant revenue growth of 119% for the year ending December 31, 2024, reaching $155.2 million. This growth was fueled by a 121% increase in marine fuel sales, emphasizing the company's expanding market footprint.
In a pivotal year, Uni-Fuels successfully transitioned to a public company following its initial public offering in January 2025, raising $9.66 million in gross proceeds. The IPO strengthens the company's capital base as it aims to enhance its market presence within the competitive marine fuels industry.
Despite these achievements, UFG's net income witnessed a steep decline of 86% to $0.2 million, down from $1.2 million in 2023. This was primarily due to a significant 236% rise in operating expenses, which grew to $3.0 million, outpacing the 40% increase in gross profit, which stood at $3.2 million for the year.
The company expanded its operations considerably, nearly doubling its customer base to 156 from 83 in the previous year and increasing the number of ports served from 51 to 87. The strategic shift from high-margin brokerage commissions to direct sales, while capturing greater market share, contributed to the decrease in profitability.
UFG's gross profit margin decreased to 2.1% from 3.2% in the previous year, reflecting the company's strategy to offer competitive pricing to gain market share. The recent IPO provides the financial flexibility needed to navigate this growth phase, as the company looks toward future profitability enhancements through strategic market expansion.
