March 1, 2024
Derrimon Trading Ltd (DTL) for the year ended December 31, 2023, reported a 2% increase in revenue totalling $18.74 billion compared to $18.42 billion in the corresponding period last year. Revenue for the fourth quarter had a 1% increase to close at $4.65 billion compared to $4.61 billion for the comparable quarter of 2022.
Cost of sales amounted to $14.07 billion (2022: $13.78 billion), this represents an increase of 2% year over year. Consequently, gross profit increased by 1% to $4.68 billion compared to $4.64 billion for the year ended December 31, 2022. The company booked gross profit of $1.48 billion for the fourth quarter versus $1.62 billion reported for the similar quarter of 2022.
Total operating expenses for the year ended December 31, 2023, amounted to $4.30 billion, a 14% increase relative to $3.77 billion reported in 2022. This was largely due to administrative expenses, which increased by 11% to close at $3.32 billion (2022: $3.00 billion).
Operating profit for the year ended December 31, 2023, amounted to $754.26 million, a 37% decrease relative to $1.19 billion reported in 2022. Operating loss for the fourth quarter amounted to $200.51 million (2022: profit of $397.47 million).
Finance costs totalled $588.07 million, a 27% increase from the corresponding period last year. (2022: $463.58 million).
Profit before taxation for the year ended December 31, 2023, amounted to $166.19 million, a 74% decrease relative to $726.05 million reported in 2022. Loss before taxation for the fourth quarter amounted to $140.76 million (2022: pre-tax profit of $200.81 million).
Tax credit for the year ended December 31, 2023 amounted to $15.80 million (2022: taxation of $108.42 million). Net profit attributable to shareholders for the year amounted to $160.33 million, a 72% decrease from the $579.98 million reported in 2022. For the fourth quarter, net loss attributable to shareholders of the company was $77.54 million (2022: profit of $118.23 million).
Earnings per share (EPS) for the year amounted to $0.04 (2022: $0.13), while loss per share for the quarter totalled $0.02 (2022: EPS of $0.03). The number of shares used in these calculations was 4,533,360,670.
Notably, DTL’s stock price closed the trading period on March 1, 2024, at a price of $2.05 with a corresponding P/E ratio of 57.96x.
Balance Sheet Highlights:
The company’s assets totalled $16.65 billion (2022: $15.37 billion); an 8% increase year over year largely attributed to a 22% rise in inventories.
Shareholder’s equity was $6.63 billion (2022: $6.13 billion), representing a book value per share of $1.46 (2022: $1.35).
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