CBL International reports 44% revenue growth in 1H 2024

CBL International Limited reported its interim financial results for the first half of 2024, showcasing a remarkable 44.4% increase in consolidated revenue, reaching approximately $277.23 million. This growth was primarily driven by a significant 39.4% rise in sales volume, attributed to the expansion of the company's global supply network and heightened marine fuel demand influenced by geopolitical factors. Despite the revenue growth, the company faced challenges with gross profit, which decreased by 32.2% to around $2.72 million due to increased operating expenses. Operating expenses surged by 64.0%, totaling approximately $4.12 million, as the company invested in expanding its sales and distribution capabilities and developing biofuel operations. The net cash provided by operating activities improved significantly, reflecting better management of working capital, transitioning from a cash outflow of $7.24 million in the previous year to a positive cash flow of $2.30 million. As of June 30, 2024, Banle expanded its global service network from 36 ports at its IPO in March 2023 to over 60 ports across Asia, Europe, and Africa. The introduction of the B24 biofuel blend, which reduces greenhouse gas emissions by 20%, aligns with global decarbonization efforts and positions the company favorably in the evolving energy landscape. Management expressed confidence in the company's long-term strategy despite current market pressures on margins. Looking ahead, Banle aims to enhance its market presence, particularly in the biofuel sector, while continuing to drive operational efficiency and sustainable growth amid ongoing macroeconomic challenges.