Uni-Fuels Revenue Soars 119 Pct, Faces Profit Headwinds Post-IPO

KUALA LUMPUR, April 23 (Bernama) -- Uni-Fuels Holdings Limited (Uni-Fuels), a global marine fuel solutions provider, posted a 119 per cent surge in revenue for 2024, reaching US$155.2 million from US$70.8 million in 2023, driven by a 121 per cent jump in marine fuel sales. (US$1=RM4.38)

The strong topline growth reflects the company’s expanding footprint in a competitive sector as it transitions from a brokerage model to direct fuel sales, according to a statement.

The results mark Uni-Fuels’ first full-year performance as a public company, following its US$9.66 million initial public offering in January 2025. The listing bolstered its capital reserves as it looks to scale operations and deepen market penetration.

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Despite rapid growth, profitability declined sharply. Net income fell 86 per cent year-over-year to US$0.2 million, weighed down by a 236 per cent rise in operating expenses, which reached US$3.0 million.

“Our listing on Nasdaq on Jan 14 of this year represents a significant milestone in our corporate journey and a strategic effort to strengthen our capital base and enhance our market presence in an increasingly competitive and globalised industry.

“Looking ahead, we remain confident in our capacity to capture further market share and scale our operations responsibly and efficiently to build on our early success and deliver sustained value to our shareholders,” said Uni-Fuels Chairman & Chief Executive Officer, Koh Kuan Hua.

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While gross profit increased 40 per cent to US$3.2 million, margins narrowed as the company pursued aggressive pricing strategies to gain market share. Gross profit margin dropped to 2.1 per cent, down from 3.2 per cent in 2023.

Operationally, Uni-Fuels nearly doubled its customer count to 156 and expanded its port coverage from 51 to 87. The shift toward direct sales has enabled broader reach but has also eroded profitability in the short term.

As it exits its first year on public markets, the company is betting that scale and strategic expansion will offset near-term margin compression and pave the way for longer-term earnings growth.

Founded in 2021, Uni-Fuels helps shipping companies optimise fuel procurement across all markets and time zones. It has evolved from modest beginnings into a dynamic, forward-thinking company.

-- BERNAMA