TMD Energy Limited (NYSE: TMDE) has announced its full-year financial results for the fiscal year ended December 31, 2024. The company reported a significant increase in Group Revenue, which rose by 8.8% to $688.6 million from $633.1 million in the previous fiscal year. This increase was primarily driven by the Bunkering Services Segment, which saw a $55.5 million rise in revenue. Despite the revenue growth, net income remained stable at $1.9 million, compared to $2.0 million in FY2023. Gross profit for the year surged by 32.7% to $16.0 million, with a gross margin improvement to 2.3% from 1.9% in the prior year. Income from operations increased impressively by over 130% to $6.0 million, up from $2.6 million in FY2023. The Bunkering Services Segment, which contributed to more than 99% of the Group's revenue, experienced a 6.0% increase in the volume of oil cargo bunkered. This growth was attributed to an expanding customer base and improved operational efficiency. Additionally, the redeployment of a vessel from vessel chartering services to the bunkering segment further enhanced the company's capacities to meet client needs. Looking ahead, TMD Energy aims to optimize its balance sheet by enhancing operational efficiencies and exploring new customer opportunities in the bunkering sector.