TMD Energy Limited (NYSE: TMDE) reported its FY2024 financial results with notable growth in several key metrics. The company's revenue increased 8.8% to $688.6 million, up from $633.1 million in FY2023, primarily driven by its Bunkering Services Segment. Gross profit surged 32.7% to $16.0 million, with gross margin improving to 2.3%. Income from operations saw a substantial increase of over 130% to $6.0 million, while net income remained stable at $1.9 million. The Bunkering Services Segment, contributing over 99% of revenue, experienced a 6.0% increase in oil cargo bunkered volume due to customer base expansion. However, the company faced increased interest expenses of $4.6 million, up from $2.2 million in FY2023, due to higher trade financing utilization.
TMD Energy Limited (NYSE: TMDE) ha riportato i risultati finanziari per l'anno fiscale 2024 evidenziando una crescita significativa in diversi indicatori chiave. Il fatturato è aumentato dell'8,8%, raggiungendo 688,6 milioni di dollari rispetto ai 633,1 milioni del FY2023, principalmente grazie al segmento dei Servizi di Rifornimento. Il profitto lordo è cresciuto del 32,7% raggiungendo 16,0 milioni di dollari, con un miglioramento del margine lordo al 2,3%. L'utile operativo è aumentato in modo sostanziale, superando il 130% e arrivando a 6,0 milioni di dollari, mentre l'utile netto è rimasto stabile a 1,9 milioni di dollari. Il segmento dei Servizi di Rifornimento, che rappresenta oltre il 99% del fatturato, ha registrato un aumento del 6,0% nel volume di carburante per carichi petroliferi grazie all'espansione della base clienti. Tuttavia, l'azienda ha affrontato un aumento delle spese per interessi, salite a 4,6 milioni di dollari dai 2,2 milioni del FY2023, a causa di un maggior utilizzo del finanziamento commerciale.
TMD Energy Limited (NYSE: TMDE) reportó sus resultados financieros del año fiscal 2024 con un crecimiento notable en varios indicadores clave. Los ingresos aumentaron un 8,8% hasta 688,6 millones de dólares, frente a los 633,1 millones del FY2023, impulsados principalmente por su segmento de Servicios de Abastecimiento. El beneficio bruto se incrementó un 32,7% hasta 16,0 millones de dólares, con un margen bruto que mejoró al 2,3%. El ingreso operativo experimentó un aumento sustancial de más del 130%, alcanzando 6,0 millones de dólares, mientras que el ingreso neto se mantuvo estable en 1,9 millones de dólares. El segmento de Servicios de Abastecimiento, que aporta más del 99% de los ingresos, registró un aumento del 6,0% en el volumen de combustible para carga de petróleo debido a la expansión de la base de clientes. Sin embargo, la empresa enfrentó un aumento en los gastos por intereses, que subieron a 4,6 millones de dólares desde 2,2 millones en FY2023, debido a un mayor uso del financiamiento comercial.
TMD Energy Limited (NYSE: TMDE)는 2024 회계연도 재무 실적을 발표하며 여러 주요 지표에서 눈에 띄는 성장을 기록했습니다. 회사의 매출은 8.8% 증가하여 6억 8,860만 달러를 기록했으며, 2023 회계연도의 6억 3,310만 달러에서 상승했는데, 이는 주로 벙커링 서비스 부문에 기인합니다. 총이익은 32.7% 급증하여 1,600만 달러에 달했고, 총이익률은 2.3%로 개선되었습니다. 영업이익은 130% 이상 크게 증가하여 600만 달러를 기록했으며, 순이익은 190만 달러로 안정적인 수준을 유지했습니다. 매출의 99% 이상을 차지하는 벙커링 서비스 부문은 고객 기반 확장으로 인해 석유 화물 벙커링 물량이 6.0% 증가했습니다. 그러나 회사는 무역 금융 활용 증가로 인해 이자 비용이 460만 달러로, 2023 회계연도의 220만 달러에서 증가하는 어려움을 겪었습니다.
TMD Energy Limited (NYSE : TMDE) a publié ses résultats financiers pour l'exercice 2024, affichant une croissance notable sur plusieurs indicateurs clés. Le chiffre d'affaires a augmenté de 8,8 % pour atteindre 688,6 millions de dollars, contre 633,1 millions en 2023, principalement grâce à son segment des services de soutage. Le résultat brut a bondi de 32,7 % pour atteindre 16,0 millions de dollars, avec une marge brute en amélioration à 2,3 %. Le résultat d'exploitation a connu une hausse substantielle de plus de 130 % pour atteindre 6,0 millions de dollars, tandis que le résultat net est resté stable à 1,9 million de dollars. Le segment des services de soutage, qui représente plus de 99 % du chiffre d'affaires, a enregistré une augmentation de 6,0 % du volume de carburant pétrolier souté en raison de l'expansion de la clientèle. Cependant, la société a fait face à une hausse des charges d'intérêts, passant à 4,6 millions de dollars contre 2,2 millions en 2023, en raison d'une utilisation accrue du financement commercial.
TMD Energy Limited (NYSE: TMDE) meldete seine Finanzergebnisse für das Geschäftsjahr 2024 mit bemerkenswertem Wachstum in mehreren wichtigen Kennzahlen. Der Umsatz stieg um 8,8% auf 688,6 Millionen US-Dollar, gegenüber 633,1 Millionen US-Dollar im Geschäftsjahr 2023, hauptsächlich getrieben durch den Bereich Bunker-Dienstleistungen. Der Bruttogewinn stieg um 32,7% auf 16,0 Millionen US-Dollar, wobei die Bruttomarge auf 2,3% verbessert wurde. Das Betriebsergebnis verzeichnete einen deutlichen Anstieg von über 130% auf 6,0 Millionen US-Dollar, während der Nettoertrag mit 1,9 Millionen US-Dollar stabil blieb. Der Bereich Bunker-Dienstleistungen, der über 99% des Umsatzes ausmacht, verzeichnete aufgrund der Erweiterung der Kundenbasis einen Anstieg des gebunkerten Ölvolumens um 6,0%. Allerdings sah sich das Unternehmen aufgrund der höheren Nutzung von Handelsfinanzierungen mit gestiegenen Zinsaufwendungen von 4,6 Millionen US-Dollar gegenüber 2,2 Millionen US-Dollar im Geschäftsjahr 2023 konfrontiert.
Positive
Revenue growth of 8.8% to $688.6 million in FY2024
Gross profit increased 32.7% to $16.0 million with improved margin of 2.3%
Income from operations grew by over 130% to $6.0 million
6.0% increase in oil cargo bunkered volume due to customer base expansion
Successful redeployment of vessel from chartering to bunkering segment
Negative
Interest expenses more than doubled to $4.6 million from $2.2 million
Net income slightly decreased to $1.9 million from $2.0 million
General and administrative expenses increased due to additional costs
Depreciation costs increased by $0.5 million to $4.8 million
Insights
TMD Energy reports mixed results with strong revenue growth but flat earnings due to increased financing costs.
TMD Energy's 2024 results present a nuanced financial picture. While revenue grew a healthy 8.8% to $688.6 million, primarily driven by the Bunkering Services Segment, net income remained essentially flat at $1.9 million compared to $2.0 million in 2023.
The standout positive is the substantial improvement in operational efficiency, evidenced by gross profit surging 32.7% to $16.0 million and gross margin expanding from 1.9% to 2.3%. Even more impressive was the 130% increase in operating income to $6.0 million, demonstrating significant operational leverage.
However, these operational gains were almost entirely offset by a concerning spike in interest expenses, which more than doubled from $2.2 million to $4.6 million. This 109% increase in financing costs essentially negated the operational improvements, explaining why bottom-line profits remained stagnant despite strong top-line growth.
The company's strategic redeployment of assets from vessel chartering to bunkering has clearly enhanced their core business capabilities, but the heavy reliance on trade financing to fuel growth raises questions about sustainability. With bunkering services accounting for over 99% of revenue, TMD Energy remains highly concentrated in a single business segment, creating potential vulnerability to sector-specific downturns.
The modest gross margin of 2.33%, though improved, indicates TMD operates in a thin-margin business where operational efficiency and scale are critical. Management's focus on expanding the customer base is yielding results, but the financial impact of increased financing costs suggests they need to optimize their capital structure to translate operational improvements into bottom-line growth.
Kuala Lumpur, Malaysia, May 14, 2025 (GLOBE NEWSWIRE) -- TMD Energy Limited (NYSE: TMDE) (the “Company” or “TMDEL”), together with its subsidiaries (the “Group” or “TMDEL Group”) is a Malaysia and Singapore based service provider engaged in integrated bunkering services segment which involves ship-to-ship transfer of marine fuels, ship management services and vessel chartering services, today reported its financial results for the fiscal year ended December 31, 2024.
Fiscal Year 2024 Financial Results Highlights
Group Revenue increased by 8.8% to $688.6 million in FY2024 from $633.1 million in FY2023. Notably, revenue from our Bunkering Services Segment rose by $55.5 million.
Despite revenue grew by 8.8%, gross profit surged 32.7% to $16.0 million, with gross margin improving to 2.3% in FY2024 from 1.9% in FY2023.
Income from operations increased substantially by more than 130% to $6.0 million in FY2024 from $2.6 million in FY2023.
Net income remained stable at $1.9 million in FY2024, compared to $2.0 million for FY2023.
Dato’ Sri Kam Choy Ho, Director and Chief Executive Officer of the Company commented, “In FY2024, the Company experienced sustainable revenue growth, primarily driven by the success of our Bunkering Services Segment. Revenue notably increased by 8.8% in FY2024 to over $688 million, while net income remained stable at about $1.9 million, compared to $2.0 million a year earlier.”
“The Bunkering Services Segment accounted for most of our revenue and net income, which benefited from improved operational efficiency and an expanding customer base. The redeployment of a vessel from vessel chartering services to the bunkering segment further enhanced our bunkering capacities, allowing us to better meet our client growing needs.”
“Looking ahead, we recognize the importance of maintaining this momentum. Our focus will remain on optimizing balance sheet by enhancing our operational efficiencies and exploring new customer opportunities in the bunkering sector. With our existing internal team of ship managers who are qualified professional mariners, we aim to continue growing our ship management revenue by targeting our existing bunkering client and external clients. We’ll also maintain competitive pricing via our supplier leverage and transparent practices as we stay committed to leveraging our strengths to drive sustainable growth and deliver value to our stakeholders.”
Financial Performance Overview
Our Group reported an overall revenue of $688.6 million for FY2024, an increase of 8.8%, or equivalent to $55.5 million from $633.1 million in FY2023 due to rise in contribution from the Bunkering Services Segment. This segment which contributed more than 99% of the Group’s revenue had enjoyed a 6.0% increase in the volume of oil cargo bunkered as our Group expanded its customer base. Meanwhile, the Ship Management Segment had contributed the remaining $0.4 million of the Group’s revenue.
We recorded an overall increase of 32.7% in our gross profit, or equivalent to $3.9 million, to $16.0 million for FY2024 from $12.1 million in FY2023. As we strategically focus on penetrating new markets and expanding our customer base, we had managed to improve our gross profit margin from 1.91% in FY2023 to 2.33% in FY2024.
General and administrative expenses had increased by $0.1 million in FY2024 to $5.2 million from $5.1 million as we participated in environmental, social and governance activities as part of our commitment to a sustainable green environment and incurring additional travelling expenses for our business expansion.
Depreciation had increased by $0.5 million from $4.3 million in FY2023 to $4.8 million in FY2024 as we continued to maintain and dry-dock our vessels periodically to ensure their sea worthiness and condition when carrying out a safe and efficient bunkering operation.
Interest expense had increased by $2.4 million to $4.6 million in FY2024, up from $2.2 million in FY2023 as higher volume of trade financing facilities were utilized to meet the increase in volume of oil cargo bunkered.
Overall, net income remained stable at $1.9 million in FY2024, compared to $2.0 million for FY2023.
About TMD Energy Limited
TMD Energy Limited and its subsidiaries are principally involved in marine fuel bunkering services specializing in the supply and marketing of marine gas oil and marine fuel oil of which include high sulfur fuel oil, low sulfur fuel oil and very low sulfur fuel oil, to ships and vessels at sea. TMDEL Group is also involved in the provision of ship management services for in-house and external vessels, as well as vessels chartering. As of today, TMDEL Group operates in 19 ports across Malaysia with a fleet of 15 bunkering vessels.
For more information about our Company and its business activities, please visit our website at: www.tmdel.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including but not limited to, the Company’s Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, result of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may”, “could”, “will”, “should”, “would”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s financial results filings with the SEC.
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