From GlobeNewswire: 2025-04-30 17:00:00

Davis Commodities Limited announced its financial results for 2024, with revenue at $132.4 million, a decrease of 30.6% from the previous fiscal year. The company cited challenges from commodity price fluctuations and shipping costs. Revenue from sales of sugar, rice, and oil and fat products declined in key markets, affecting total revenue.

Revenue from sales of sugar was $86.6 million, down 25.6% from 2023, while revenue from sales of rice was $18.7 million, a 29.3% decrease. Revenue from sales of oil and fat products was $26.6 million, a 44.1% decrease, and revenue from other products grew 105.5%. The decline in revenue was attributed to supply chain disruptions and market shifts.

Africa remained the largest revenue contributor for Davis Commodities, accounting for 51.7% of total revenue. China, Indonesia, and the Philippines also saw significant revenue decreases in 2024. Operating expenses increased slightly, with selling and marketing expenses decreasing, and general and administrative expenses rising due to listed company-related costs.

Net income for Davis Commodities in 2024 was a loss of $3.5 million, compared to a net income of $1.1 million in 2023. The company’s financial condition showed a decrease in cash and cash equivalents, with net cash used in operating activities primarily due to the net loss. Net cash used in investing activities was minimal, while net cash provided by financing activities was approximately $0.1 million.



Read more at GlobeNewswire:: Davis Commodities Limited Announces Fiscal Year 2024