Business
Banle Group announces 2023 full year results
HONG KONG, April 18, 2024 (GLOBE NEWSWIRE) -- Banle Group (the “Group” or “Banle”) (Nasdaq: BANL), a reputable marine fuel logistic company in the Asia
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[{"type":"text","content":"HONG KONG, April 18, 2024 (GLOBE NEWSWIRE) -- Banle Group (the “Group” or “Banle”) (Nasdaq: BANL), a reputable marine fuel logistic company in the Asia Pacific, today reported its audited financial results for the full year ended December 31, 2023 (“FY2023”). Results compared with the full year ended December 31, 2022 (“FY2022”) are as follows: For the Year Ended December 31, 2023 2022ChangeRevenueUS$435,897,718 US$462,906,257-5.8%Cost of revenueUS$428,686,593 US$453,781,238-5.5%Gross profitUS$7,211,125 US$9,125,019-21.0%Total operating expensesUS$5,549,298 US$4,364,676+27.1%Income from operationsUS$1,661,827 US$4,760,343-65.1%Total non-operating expenses, netUS$230,572 US$260,875-11.6%Income before income taxesUS$1,431,255 US$4,499,468-68.2%Provision for income taxesUS$298,605 US$814,468-63.3%Net income including noncontrolling interestUS$1,132,650 US$3,685,000-69.3%Basic and diluted earnings per ordinary share*US$0.045 US$0.171-73.7% * Gives retroactive effect to reflect the reorganization in August 2022. Mr. Teck Lim Chia, Chairman and Chief Executive Officer, commented, “FY2023 marks a significant year for Banle. In March 2023, we raised gross proceeds of US$15 million from an IPO offering. With the additional financial resources from the IPO, we not only successfully expanded our service network to Europe, but also gained new businesses with existing customers and acquired new customers. These accomplishments led to remarkable growth in our sales volume in FY2023. On the environmental protection side, we were approved for biofuel trading activities and launched the first biofuel supply after years of proactively exploring alternative fuel options. Sales volume in FY2023 surged by 18% year-on-year, despite a tepid global economy and a slight decline in global container port throughput, as the Group efficiently utilized the additional funding from the IPO completed in March 2023 to increase sales from existing customers as well as expand customer base through an enlarged service network. Notwithstanding the 20% drop in average oil prices during FY2023, revenue only registered a drop of 5.8% year-on-year to US$435.9 million, thanks to the surge in sales volume which partially offset the negative impact from oil price movement. Our supply network expanded substantially over the past year, from 36 ports covering the Asia Pacific...