TMD Energy Limited Reports 2024 Full-Year Results

Core Insights - TMD Energy Limited reported a revenue increase of 8.8% to over $688 million for FY2024, primarily driven by its Bunkering Services Segment [3][4][8] - The net income remained stable at approximately$ 1.9 million, compared to $2.0 million in FY2023 [3][9] - The company aims to maintain growth momentum by optimizing operational efficiencies and expanding its customer base in the bunkering sector [3] Financial Performance Overview - Total revenue for the Group reached$ 688.6 million in FY2024, an increase of $55.5 million from$ 633.1 million in FY2023, largely due to the Bunkering Services Segment [4][8] - Gross profit increased by 32.7% to $16.0 million, with the gross profit margin improving from 1.91% in FY2023 to 2.33% in FY2024 [5][8] - Income from operations surged over 130% to$ 6.0 million in FY2024 from $2.6 million in FY2023 [8] Segment Contributions - The Bunkering Services Segment accounted for more than 99% of the Group's revenue, benefiting from a 6.0% increase in the volume of oil cargo bunkered [4][8] - The Ship Management Segment contributed a minor$ 0.4 million to the Group's revenue [4] Expense Overview - General and administrative expenses rose by $0.1 million to$ 5.2 million in FY2024, attributed to environmental, social, and governance activities and increased travel expenses [6] - Depreciation increased by $0.5 million to$ 4.8 million as the company maintained its vessels [7] - Interest expenses rose by $2.4 million to$ 4.6 million due to higher trade financing facilities utilized [7] Company Profile - TMD Energy Limited specializes in marine fuel bunkering services, supplying various types of marine fuel to vessels at sea [10] - The company operates in 19 ports across Malaysia with a fleet of 15 bunkering vessels [10]