Uni-Fuels (UFG) Registration Filing summary

Company overview and business model

• Provides marine fuels solutions, including marketing, reselling, and brokering of VLSFO, HSFO, and MGO to shipping companies and marine fuel suppliers globally.

• Operates through sales and brokerage models, offering value-added services such as trade credit, financing, risk management, and market intelligence.

• Headquartered in Singapore, with a global supply network and operations at 103 ports, serving 88 customers across multiple regions.

• Focuses on expanding market share, geographic presence, supplier diversification, and 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; net income for the first half of 2024 was $0.1M.

• Gross profit margin declined from 7.8% in 2022 to 3.2% in 2023, and to 2.0% for the first half of 2024, reflecting a shift to direct sales and competitive pricing.

• Operating expenses increased due to workforce expansion and higher professional fees.

• Positive working capital and sufficient liquidity, with $4.0M in cash and $1.5M in restricted cash 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.

• Plans to increase trade financing facilities and invest in alternative fuels and new income streams.