CBL INTERNATIONAL ANNOUNCES AUDITED RESULTS FOR YEAR ENDING DEC 31, 2022

KUALA LUMPUR, April 27 (Bernama) -- CBL International Limited has filed with Securities and Exchange Commission (SEC) the Form 20-F Account Report for the audited consolidated annual results of the Company and its subsidiaries (the Group) for the year ended Dec 31, 2022 together with comparative figures for the year ended Dec 31, 2021.

The Group’s consolidated revenue from sales of marine fuel increased by approximately US$136.3 million or 41.8 per cent to approximately US$462.9 million in 2022 from approximately US$326.5 million in 2021, mainly attributable to the increase in the marine fuel price but partially offset by the slight decrease in the sales volume of marine fuel. (US$1=RM4.45)

Consolidated gross profit of the Group for the year ended Dec 31, 2022 was approximately US$9.1 million, an increase of US$1.5 million or 20.2 per cent, compared to the year ended Dec 31, 2021, driven by increased gross profit per tonne of marine fuel sold with an effect of US$1.8 million, partially offset by a decrease of volume in the amount of US$298,000.

According to a statement, net income increased by approximately US$116,000 or 3.3 per cent from approximately US$3.5 million for the year ended Dec 31, 2021, to approximately US$3.6 million for the year ended Dec 31, 2022.

Meanwhile, basic and diluted earnings per ordinary share is approximately US$0.17, while total shareholders’ equity of the Company increased by approximately 43.7 per cent to approximately US$12.1 million.

CBL International is an established marine fuel logistics company currently focusing on the Asia Pacific region, providing one-stop solutions for vessel refuelling.

-- BERNAMA