November 15, 2023
Derrimon Trading Ltd (DTL) for the six months ended September 30, 2023 reported a 2% increase in Revenue totaling $14.09 billion compared to $13.81 billion in the corresponding period last year. Revenue for the second quarter had a 7% decrease to close at $4.59 billion compared to $4.94 billion for the comparable quarter of 2022.
Cost of sales amounted to $10.90 billion (2022: $10.79 billion), this represents an increase of 1% year over year. Consequently, gross profit increased by 6% to $3.20 billion compared to $3.02 billion for the six months ended September 30, 2022. The company booked gross profit of $1.03 billion for the second quarter versus $1.12 billion reported for the similar quarter of 2022.
Administrative increased by 2% to close at $1.94 billion (2022: $1.90 billion), while Selling & distribution increased by 22% from $398.04 million in 2022 to $485.20 million in the period under review. As a result, total operating expenses for the six months ended September 30, 2023 amounted to $2.42 billion, a 6% increase relative to $2.30 billion reported in 2022.
Operating profit before finance costs for the six months ended September 30, 2023, amounted to $954.76 million, a 21% increase relative to $792.15 million reported in 2022. Operating profit before finance costs for the second quarter amounted to $279.13 million (2022: $288.03 million). Finance costs totalled $647.82 million a 143% increase from the corresponding period last year. (2022: $266.92 million).
Profit before taxation for the six months ended September 30, 2023, amounted to $306.95 million, a 42% decrease relative to $525.23 million reported in 2022. Profit before taxation for the second quarter amounted to $77.84 million (2022: $196.12 million).
Taxation for the six months ended September 30, 2023 had a 25% decrease to reach $32.23 million (2022: $43.05 million) . Net Profit Att. To Shareholders of the company for the six months amounted to $237.87 million, a 48% decrease from the $461.75 million reported in 2022. For the second quarter, Net Profit Att. To Shareholders of the company was $65.37 million (2022: $191.01 million).
Consequently, Earnings Per Share for the six months amounted to $0.05 (2022: EPS: $0.10), while Earnings Per Share for the quarter totaled $0.01 (2022: EPS: $0.04). The twelve month trailing EPS was $0.08 and the number of shares used in these calculations was 4,533,360,670.
Notably, DTL’s stock price closed the trading period on November 15, 2023 at a price of $1.95 with a corresponding P/E ratio of 24.82x.
Balance Sheet Highlights
As at September 30, 2023, the Company’s assets totaled $15.72 billion (2021: $13.99 billion), 12% more than its value as at September 30, 2022. This was due largely to increases in ‘Fixed Assets’ and ‘Intangible Assets’ which closed at $2.15 billion (2021: $1.62 billion) and $1.84 billion (2022: $1.65 billion), respectively
Shareholder’s equity was $6.37 billion (2022: $6.01 billion), representing a book value per share of $1.41 (2022: $1.33).
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