UFG · Uni-Fuels Holdings Limited

Uni-Fuels delivered robust top-line growth in FY2025 with revenue surging 70% to US$263.9 million, primarily from core marine fuel trading where volumes more than doubled to over 535,000 MT. This expansion was supported by port coverage growing 79% to 156 locations and customer base expanding 71% to 266. Gross profit increased 47% to US$4.7 million, though margins compressed to 1.8% from 2.1% due to competitive pressures and market share gains in new regions. Operating expenses doubled to US$6.3 million, driven by selling and marketing up 96% to US$1.3 million from sales hires and travel, and G&A nearly doubling to US$5.0 million from new offices in Dubai, Shanghai, Limassol, personnel costs, and public company compliance. This led to an operating loss of US$1.6 million before taxes, versus prior income, culminating in a net loss of US$1.8 million. Balance sheet strengthened with cash at US$12.5 million, working capital at US$10.1 million, and equity at US$10.5 million, funded by US$3 million via ADDX and commercial paper (repaid). Strategic wins include ISCC certifications for biofuels, a 3-year Asia Pacific fuel supply award effective 2026, and share issuance raising US$7.7 million. Management highlights scalability despite margin pressure and guides 2026 revenue to US$310-330 million, focusing on efficiency, margins, and leverage from global footprint.