TMD Energy Limited Reports 8.8% Revenue Growth in FY2024, Gross Profit Surges 32.7%

TMD Energy Limited reported FY2024 financial results with Group Revenue increasing 8.8% to $688.6 million. Bunkering Services Segment revenue rose by $55.5 million, while gross profit surged 32.7% to $16.0 million. Income from operations increased by 130% to $6.0 million, and net income remained stable at $1.9 million. The company plans to optimize its balance sheet, enhance operational efficiencies, and explore new customer opportunities in the bunkering sector.

TMD Energy Limited (NYSE: TMDE) reported its FY2024 financial results, showcasing a mixed performance with notable revenue growth but flat earnings. The company's Group Revenue increased by 8.8% to $688.6 million, driven primarily by its Bunkering Services Segment, which saw a $55.5 million increase in revenue [1].

Despite the strong revenue growth, gross profit surged 32.7% to $16.0 million, with the gross margin improving to 2.3% in FY2024 from 1.9% in FY2023 [1]. This significant improvement in operational efficiency was reflected in the income from operations, which increased by more than 130% to $6.0 million [1].

However, net income remained stable at $1.9 million, compared to $2.0 million in FY2023. The company attributed this stability to a concerning spike in interest expenses, which more than doubled from $2.2 million to $4.6 million [1]. This substantial increase in financing costs essentially negated the operational improvements, explaining why bottom-line profits remained stagnant despite strong top-line growth [1].

Dato’ Sri Kam Choy Ho, Director and Chief Executive Officer of the Company, commented on the results, stating, "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" [2].

Looking ahead, TMD Energy plans to optimize its balance sheet, enhance operational efficiencies, and explore new customer opportunities in the bunkering sector. The company aims to maintain its momentum and continue growing its ship management revenue by targeting existing and external clients [2].

References:
[1] https://www.stocktitan.net/news/TMDE/tmd-energy-limited-reports-2024-full-year-kwa0fx1no3pe.html
[2] https://www.globenewswire.com/news-release/2025/05/14/3081396/0/en/TMD-Energy-Limited-Reports-2024-Full-Year-Results.html