Welcome to our dedicated page for Davis Commodities news (Ticker: $DTCK), a resource for investors and traders seeking the latest updates and insights on Davis Commodities stock.
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Davis Commodities (Nasdaq: DTCK) announced its fiscal year 2023 financial results, reporting total revenues of $190.7 million, a 7.7% decline from $206.7 million in 2022. The revenue drop was due to decreased demand for sugar and rice in Southeast Asia, particularly Indonesia and Vietnam. However, revenue from oil and fat products surged by 171%. Regionally, notable revenue growth occurred in Africa (41.8%), the Philippines (499%), Thailand (562.6%), and Singapore (114.5%), while Indonesia and Vietnam saw significant declines (71.7% and 68.2%, respectively). Gross profit decreased by 45.4% to $7 million, with a gross margin of 3.7%, down from 6.2%. Operating expenses dropped by 22.5% to $5.9 million, but general and administrative expenses rose by 47.8%. Net income fell by 76.5% to $1.1 million, with basic and diluted EPS at $0.04, down from $0.20. The company had $1.3 million in cash and cash equivalents at year-end, compared to $2.5 million in 2022.
