Uni-Fuels (UFG) Registration Filing summary

Company overview and business model

• Provides marine fuel solutions, including reselling and brokering of VLSFO, HSFO, and MGO, to shipping companies and marine fuel suppliers globally, with headquarters in Singapore.

• Operates through two models: direct sales (with value-added services like trade credit and risk management) and brokerage (earning commissions for connecting buyers and suppliers).

• Arranged marine fuel supply at 103 ports worldwide for 88 customers over the last two years, with a strong presence in Southeast Asia.

• Business strategy focuses on expanding market share, entering new geographies, diversifying suppliers, and increasing offerings in alternative fuels.

Financial performance and metrics

• Revenues grew from $30.8M in 2022 to $70.8M in 2023, and $74.2M for the six months ended June 30, 2024.

• Net income was $1.2M in 2023 (down from $2.0M in 2022) and $0.1M for the six months ended June 30, 2024.

• Gross profit margin declined from 7.8% in 2022 to 3.2% in 2023, and to 2.0% for the six months ended June 30, 2024, due to a strategic shift to direct sales and competitive pricing.

• Operating expenses increased with workforce expansion and higher professional fees.

• Positive working capital of $3.7M and cash of $4.0M as of June 30, 2024.

Use of proceeds and capital allocation

• 80% of IPO proceeds allocated to scaling up reselling activities and market share growth.

• 15% for workforce strengthening and geographic expansion.

• 5% for cash reserve and general corporate purposes.