TMD Energy Limited Reports 2024 Full-Year Results

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.”