William Xie stated that CBL's service network has expanded from 36 ports at its initial public offering in March 2023 to over 60 ports by the end of 2024.
According to Zhito Finance APP, recently, William Xie, Chairman and CEO of CBL International Limited (BANL.US), an Asia-Pacific fuel supply service provider under Wanli Group, stated that after announcing last year's performance, the trading volume on the Nasdaq market has been quite good, so there are currently no plans to list in Hong Kong. Regarding whether the company can turn a profit this year, he did not provide a clear comment, only stating that the operational performance in the first three months of this year is 'not bad' compared to the same period last year.
He pointed out that although the Hong Kong government is actively promoting the development of green Energy, there have not yet been any supporting measures for biofuel supply, and it is estimated that it will take time to develop. However, he believes that Hong Kong still has certain advantages in biofuel refueling services compared to neighboring areas, because Ships usually need to dock at ports for refueling in nearby regions, while Hong Kong can conveniently conduct offshore refueling. CBL's offshore refueling business grew by 31% year-on-year last year.
CBL's sales volume last year increased by 38.1%, and the total revenue rose by 35.9%, reaching $0.5925 billion, but the gross profit fell by 25.5% to $5.37 million. Operating expenses rose by 56.8% to $8.7 million, resulting in a net loss of $3.87 million. The company explained that the main reason was that the sales volume expansion strategy led to a decrease in gross profit, along with increased expenditures from business expansion and the biofuel business, as well as rising additional expenses and interest costs associated with improving ESG (Environmental, Social and Governance) initiatives.
William Xie stated that CBL's service network has expanded from 36 ports at its initial public offering in March 2023 to over 60 ports by the end of 2024. Therefore, the focus this year is to operate these new port services well, while also continuing to add new port services, but the number added will be fewer than last year to achieve balanced development.
