This Morning’s Pre-Hours Session: CBL International (BANL) Stock Is Up 11%

CBL International Limited (NASDAQ: BANL) witnessed a significant increase in its shares, surging by 11.07% to reach $3.01 during premarket trading. However, the stock had stabilized by closing the Friday session at $2.71, experiencing a marginal decline of less than 1%. The sudden rise in share prices occurred without any noteworthy news, prompting a closer examination of recent developments to gain a better understanding of the company’s current situation.

Recent Developments At BANL

CBL International (BANL) recently filed Form 20-F Account Report with the Securities and Exchange Commission (SEC). This report encompassed the audited consolidated annual results of the company and its subsidiaries for the fiscal year that ended on December 31, 2022. Comparative figures from the previous year, ending on December 31, 2021, were also included.

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Financial Highlights

  • BANL’s consolidated revenue from the sales of marine fuel witnessed a substantial increase. In 2022, it grew by approximately $136,365,000 or 41.8%, reaching around $462,906,000, compared to approximately $326,541,000 in 2021. This rise was primarily attributed to the increased marine fuel prices, partly offset by a slight decrease in the sales volume of marine fuel.
  • CBL International’s consolidated gross profit for the fiscal year ending December 31, 2022, amounted to approximately $9,125,000. This marked an increase of $1,534,000 or 20.2% compared to the previous year. The rise was driven by an increased gross profit per ton of marine fuel sold, contributing $1,832,000, although partially offset by a decrease in volume amounting to $298,000.
  • The net income of BANL demonstrated growth, increasing by approximately $116,000 or 3.3% from approximately $3,569,000 for the year ended December 31, 2021, to approximately $3,685,000 for the year ended December 31, 2022.

Successful Completion Of Initial Public Offering (IPO):

In March, CBL International (BANL) successfully closed its initial public offering. The offering involved the sale of 3,325,000 ordinary shares (the “Shares”) at a public offering price of $4.0 per Share. The underwriters exercised their over-allotment option in part, acquiring an additional 425,000 Shares on March 23, 2023. Consequently, the gross proceeds from the offering, including the over-allotment, totaled $15 million, before accounting for underwriting discounts and other related expenses. BANL Shares began trading on the Nasdaq Capital Market on March 23, 2023.

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