May 17, 2024
Derrimon Trading Ltd (DTL)
Unaudited financials for the first quarter ended March 31, 2024:
Derrimon Trading Ltd (DTL) for the first quarter ended March 31, 2024, reported a 28% decrease in trading income totalling $3.56 billion compared to $4.92 billion in the corresponding first quarter of 2023.
Cost of sales amounted to $2.65 billion (2023: $3.90 billion), this represents a decrease of 32% year over year. Consequently, gross profit decreased by 11% to $906.40 million compared to $1.02 billion for the first quarter ended March 31, 2023.
Administrative expenses decreased by 14% to close at $694.03 million (2023: $808.83 million), while selling & distribution expenses increased by 10% from $89.27 million in 2023 to $97.88 million for the first three months of 2024. As a result, Total Operating Expenses for the first quarter amounted to $791.90 million, a 12% decrease relative to $898.10 million reported in 2023.
Operating profit for the three amounted to $200.46 million, a 6% increase relative to $189.85 million reported in 2023.
Finance costs totalled $128.61 million, a 7% increase from the corresponding period last year. (2023: $119.84 million).
Profit before taxation for the first quarter ended March 31, 2024, amounted to $71.86 million, a 3% increase relative to $70.01 million reported in 2023.
Taxation for the three months had a 22% decrease to reach $13.65 million (2023: $17.50 million). As such, net profit amounted to $58.20 million (2023: $52.51 million).
Net Profit Att. To Shareholders of the company for the three months of 2024 amounted to $55.35 million, a 37% increase from the $40.54 million reported in 2023.
Consequently, Earnings Per Share for the three amounted to $0.012 (2023: EPS: $0.009). The twelve-month trailing EPS was $0.04, and the number of shares used in these calculations was 4,533,360,670.
Notably, DTL’s stock price closed the trading period on May 16, 2024, at a price of $2.04 with a corresponding P/E ratio of 52.80x.
Balance Sheet Highlights
The company’s assets totalled $16.54 billion (2023: $16.02 billion). The growth in total assets was partially attributed to ‘Investment Property’ increasing by $630.00 million to close the period under review. (2023: nil).
Shareholder’s equity was $6.68 billion (2023: $6.17 billion), representing a book value per share of $1.47 (2023: $1.36).
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