November 15, 2024
Derrimon Trading Ltd (DTL)
Unaudited financials for the nine months ended September 30, 2024:
Derrimon Trading Ltd (DTL) for the nine months ended September 30, 2024, reported a 18% decrease in Trading income to $11.57 billion compared to $14.09 billion in the corresponding period last year. Trading income for the third quarter had an 18% decrease to close at $3.76 billion compared to $4.59 billion for the comparable quarter of 2023.
Cost of sales amounted to $8.61 billion (2023: $10.90 billion), this represents a decrease of 21% year over year. Consequently, gross profit decreased by 7% to $2.96 billion compared to $3.20 billion for the nine months ended September 30, 2023. The company booked gross profit of $937.16 million for the third quarter versus $1.03 billion reported for the similar quarter of 2023.
Administrative costs decreased by 21% to close at $1.54 billion (2023: $1.94 billion), while selling & distribution costs increased by 26% from $485.20 million in 2023 to $611.83 million in the period under review. As a result, total operating expenses for the nine months ended September 30, 2024, amounted to $2.15 billion, an 11% fall relative to $2.42 billion reported in 2023.
Operating profit before finance costs for the nine months ended September 30, 2024, amounted to $962.70 million, a 1% increase relative to $954.76 million reported in 2023. Operating profit before finance costs for the third quarter amounted to $244.86 million (2023: $279.13 million). Finance costs totalled $824.74 million, a 27% growth from the corresponding period last year. (2023: $647.82 million).
Profit before taxation for the nine months ended September 30, 2024, amounted to $137.96 million, a 55% decline relative to $306.95 million reported in 2023. Profit before taxation for the third quarter amounted to $1.13 million (2023: $77.84 million).
Taxation for the nine months ended September 30, 2024, had a 32% decrease to reach $22.00 million (2023: $32.23 million). Net profit for the period amounted to $115.96 million versus $274.72 milliln recorded twelve months earlier.
Net Profit Att. To Shareholders of the company for the nine months amounted to $89.79 million, a 62% decrease from the $237.87 million reported in 2023. For the third quarter, Net Loss Att. To Shareholders of the company was $7.94 million (2023: Net Profit Att. To Shareholders $65.37 million).
Consequently, Earnings Per Share for the nine months amounted to $0.02 (2023: EPS: $0.05), while Loss Per Share for the quarter totaled $0.002 (2023: EPS: $0.01). The twelve-month trailing EPS was $0.003, 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, 2024, at a price of $1.90.
Balance Sheet Highlights
The company’s assets totalled $18.77 billion (2023: $15.77 billion). This increase was attributable to ‘Inventories’ which amounted to $5.68 billion (2023: $4.51 billion).
Shareholders’ equity was $6.72 billion (2023: $6.37 billion), representing a book value per share of $1.48 (2023: $1.41).
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