March 06, 2025
Derrimon Trading Ltd (DTL)
Audited Financials for the Twelve Months Ended December 31, 2024:
Derrimon Trading Ltd (DTL) reported a 19% decrease in revenue, totalling $15.21 billion, for the twelve months ended December 31, 2024, compared to $18.74 billion in the corresponding period last year. Revenue for the fourth quarter decreased by 22%, closing at $3.65 billion compared to $4.65 billion for the comparable quarter of 2023.
The cost of sales amounted to $11.36 billion (2023: $14.07 billion), representing a 19% decrease. Consequently, gross profit decreased by 18% to $3.86 billion, compared to $4.68 billion for the twelve months ended December 31, 2023. The company booked a gross profit of $895.30 million for the fourth quarter versus $1.48 billion reported for the similar quarter of 2023.
Operating and administrative expenses decreased by 9%, closing at $3.02 billion (2023: $3.32 billion), while selling and distribution expenses increased by 4%, from $787.19 million in 2023 to $818.99 million in the period under review. As a result, total operating expenses for the twelve months remained the same compared to 2023, amounting to $4.30 billion for both periods.
Operating profit for the twelve months ended December 31, 2024, amounted to $111.99 million, an 85% decrease relative to $754.26 million reported in 2023. The operating loss for the fourth quarter amounted to $850.71 million (2023: operating loss of $200.51 million). Finance costs totalled $765.80 million, a 30% increase from the corresponding period last year (2023: $588.07 million).
The loss before taxation for the twelve months ended December 31, 2024, amounted to $653.81 million, a 493% decrease relative to the profit before taxation of $166.19 million reported in 2023. The loss before taxation for the fourth quarter amounted to $791.78 million (2023: loss before taxation of $140.76 million).
Tax credit for the twelve months ended December 31, 2024, increased by 139% to reach $37.74 million (2023: $15.80 million). Net loss attributable to shareholders of the company for the twelve months amounted to $538.12 million from the net profit attributable to shareholders of the company of $160.33 million reported in 2023. For the fourth quarter, net profit attributable to shareholders of the company was $70.55 million (2023: net loss attributable to shareholders of the company of $776.00 million).
Consequently, loss per share for the twelve months amounted to $0.12 (2023: earnings per share of $0.12), while earnings per share for the quarter totalled $0.016 (2023: loss per share of $0.17). The number of shares used in these calculations was 4,533,360,670.
Notably, DTL’s stock price closed the trading period on March 3, 2025, at $1.99.
Balance Sheet Highlights:
The company’s assets totaled $17.70 billion (2023: $16.65 billion). This increase in total assets was attributable to receivables, which amounted to $4.18 billion (2023: $5.09 billion). Additionally, property, plant, and equipment also contributed to the increase, equating to $3.93 billion (2023: $3.57 billion).
Shareholders’ equity was $6.01 billion (2023: $6.63 billion), representing a book value per share of $1.33 (2023: $1.46).
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