71 results
20-F
2023 FY
DTCK
Davis Commodities Ltd.
15 May 24
Annual report (foreign)
3:26pm
The following table sets forth certain operational data for the fiscal years ended December 31, 2022 and 2023, respectively, and provides information regarding the dollar and percentage increase or (decrease) during such years.
For the fiscal years ended December 31, | ||||||||||||||||
2022 | 2023 | Variances | ||||||||||||||
US$’000 | US$’000 | US$’000 | % | |||||||||||||
Revenues | 206,717 | 190,724 | (15,993) | (7.7% | ) | |||||||||||
Cost of revenues | (193,840) | (183,695) | (10,145) | (5.2% | ) | |||||||||||
Gross profit | 12,877 | 7,029 | (5,848) | (45.4% | ) | |||||||||||
Operating expenses: | ||||||||||||||||
Selling and marketing expenses | (5,307) | (2,439) | (2,868) | (54.0% | ) | |||||||||||
General and administrative expenses | (2,287) | (3,443) | 1,156 | 50.5% | ||||||||||||
Total operating expenses | (7,594) | (5,882) | (1,712) | (22.5% | ) | |||||||||||
Income from operations | 5,283 | 1,147 | (4,136) | (78.3% | ) | |||||||||||
Other income/(expense): | ||||||||||||||||
Other income | 285 | 198 | (87) | (30.5% | ) | |||||||||||
Interest expense | (33) | (110) | 77 | 233.3% | ||||||||||||
Total other income | 252 | 88 | (164) | (65.1% | ) | |||||||||||
Income before tax expense | 5,535 | 1,235 | (4,300) | (77.7% | ) | |||||||||||
Income tax expense | (920) | (149) | (771) | (83.8% | ) | |||||||||||
Net income | 4,615 | 1,086 | (3,529) | (76.5% | ) | |||||||||||
Other comprehensive income | ||||||||||||||||
Foreign currency translation gain/(loss), net of taxes | (2) | 8 | 10 | 500.0% | ||||||||||||
Total comprehensive income | 4,613 | 1,094 | (3,519) | (76.3% | ) |
20-F
2023 FY
DTCK
Davis Commodities Ltd.
15 May 24
Annual report (foreign)
3:26pm
The following table sets forth the breakdown of our cost of revenue for the fiscal years ended December 31, 2022 and 2023, respectively:
For the fiscal years ended December 31, | ||||||||||||||||||||||||
2022 | % | 2023 | % | Variance | Change (%) | |||||||||||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||||||||||||||
Raw materials cost – sugar | $ | 145,071 | 74.8 | $ | 113,110 | 61.6 | (31,961) | (22.0) | ||||||||||||||||
Raw materials cost – rice | 32,099 | 16.6 | 25,325 | 13.8 | (6,774) | (21.1) | ||||||||||||||||||
Raw materials cost – oil and fat products | 16,489 | 8.5 | 45,065 | 24.5 | 28,576 | 173.3 | ||||||||||||||||||
Raw materials cost - others | 181 | 0.1 | 195 | 0.1 | 14 | 7.7 | ||||||||||||||||||
Total cost of revenue | $ | 193,840 | 100.0 | $ | 183,695 | 100.0 | (10,145) | (5.2) |
20-F
2023 FY
DTCK
Davis Commodities Ltd.
15 May 24
Annual report (foreign)
3:26pm
For the fiscal years ended December 31, 2021 and 2022, we derived our revenue from the sales of sugar, rice and oil and fat products, and others, specifically, sales of tomato puree. Our breakdown of revenue in terms of products for the fiscal years ended December 31, 2021 and 2022 is summarized below:
For the fiscal years ended December 31, | ||||||||||||||||||||||||
2021 | % | 2022 | % | Variance | Change (%) | |||||||||||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||||||||||||||
Sale of sugar | $ | 135,140 | 69.6 | $ | 154,757 | 74.9 | $ | 19,617 | 14.5 | |||||||||||||||
Sale of rice | 35,064 | 18.0 | 34,200 | 16.5 | (864) | (2.5) | ||||||||||||||||||
Sale of oil and fat products | 24,035 | 12.4 | 17,568 | 8.5 | (6,467) | (26.9) | ||||||||||||||||||
Sale of others | – | – | 192 | 0.1 | 192 | 100 | ||||||||||||||||||
Total revenue | $ | 194,239 | 100.0 | $ | 206,717 | 100.0 | $ | 12,478 | 6.4 |
20-F
2023 FY
DTCK
Davis Commodities Ltd.
15 May 24
Annual report (foreign)
3:26pm
Our gross profit and gross margins in terms of products for the fiscal years ended December 31, 2021 and 2022 is summarized below:
For the fiscal years ended December 31, | ||||||||||||||||||||||||
2021 | % | 2022 | % | Variance | Change (%) | |||||||||||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||||||||||||||
Gross profit - sugar | $ | 8,285 | 67.7 | $ | 9,686 | 75.2 | 1,401 | 16.9 | ||||||||||||||||
Gross profit - rice | 3,164 | 25.8 | 2,100 | 16.3 | (1,064) | (33.6) | ||||||||||||||||||
Gross profit - oil and fat products | 796 | 6.5 | 1,079 | 8.4 | 283 | 35.5 | ||||||||||||||||||
Gross profit - others | – | – | 12 | 0.1 | 12 | 100 | ||||||||||||||||||
Total gross profit | $ | 12,245 | 100.0 | $ | 12,877 | 100.0 | 632 | 5.2 |
20-F
2023 FY
DTCK
Davis Commodities Ltd.
15 May 24
Annual report (foreign)
3:26pm
Consolidated Balance Sheets
As of December 31, 2021 | As of December 31, 2022 | |||||||
US$’000 | US$’000 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | 7,087 | 2,540 | ||||||
Accounts receivable, net | 12,868 | 4,656 | ||||||
Prepaid expenses and other current assets, net | 4,167 | 7,001 | ||||||
Deferred financing costs | – | 1,129 | ||||||
Inventory | 95 | 2,176 | ||||||
Total current assets | 24,217 | 17,502 | ||||||
Property, plant and equipment | 406 | 399 | ||||||
Right-of-use asset | 37 | – | ||||||
Total non-current assets | 443 | 399 | ||||||
TOTAL ASSETS | 24,660 | 17,901 | ||||||
Liabilities | ||||||||
Current liabilities: | ||||||||
Bank loans - current | 47 | 157 | ||||||
Lease payable - current | 38 | – | ||||||
Accounts payable | 15,341 | 5,096 | ||||||
Accruals, and other current liabilities | 6,013 | 4,749 | ||||||
Amount due to related parties | * | – | ||||||
Income taxes payable | 939 | 1,357 | ||||||
Total current liabilities | 22,378 | 11,359 | ||||||
Bank loans – non-current | 209 | 528 | ||||||
Deferred tax liabilities | 1 | 1 | ||||||
Total non-current liabilities | 210 | 529 | ||||||
TOTAL LIABILITIES | 22,588 | 11,888 | ||||||
Commitments and contingencies | – | – | ||||||
Shareholders’ equity | ||||||||
Ordinary shares US$0.000000430108 par value per share; 232,500,000,000 authorized as of December 31, 2021 and 2022; 23,250,000 shares issued and outstanding** | * | * | ||||||
Additional paid-in capital | 1,113 | – | ||||||
Merger reserve | – | 1,113 | ||||||
Retained earnings | 952 | 4,895 | ||||||
Accumulated other comprehensive income | 7 | 5 | ||||||
Total shareholders’ equity | 2,072 | 6,013 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 24,660 | 17,901 |
20-F
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