Davis Commodities Limited (Nasdaq: DTCK) (the "Company" or "Davis
Commodities"), an agricultural commodity trading company that
specializes in trading sugar, rice, and oil and fat products, today
announced its financial results for the fiscal year ended December
31, 2023.
Ms. Li Peng Leck, Executive Chairwoman and
Executive Director of Davis Commodities, commented, “I’m glad to
present our financial results for fiscal year 2023. During this
period, our business has maintained profitability across all
products, being sugar, rice, and oil and fat products. Particularly
noteworthy is the exceptional growth in revenue from the sale of
oil and fat products, which surged by 171.0% compared to the
previous fiscal year. Despite some headwinds in the form of a
slowdown in the demand for sugar in Indonesia and Vietnam, we have
made progress in our business expansion, achieving revenue growth
in Africa, the Philippines, Thailand, and Singapore. We believe the
results demonstrate the strength of our business strategies in the
context of uncertainties from geopolitical events, government
policies, and economic conditions. We are confident about our
business prospects, buoyed by our proven track record in successful
strategic planning and our ability to adapt to evolving
macroeconomic landscapes. Looking ahead, we plan to continue
expanding our distribution channels and solidifying our market
presence. We also expect to leverage the longstanding relationships
with our business partners to capitalize on opportunities in
emerging markets with high demand for our products. We believe all
of such endeavors will enable us to deliver sustainable returns and
generate enhanced value for our shareholders.”
Fiscal Year 2023 Financial
Results
Revenue
Total revenues of the Company were US$190.7
million for fiscal year 2023, decreased by 7.7% from US$206.7
million for fiscal year 2022. This decrease was mainly attributable
to a decrease in demand for sugar and rice from the Company’s
customers in Southeast Asia, notably, Indonesia and Vietnam.
|
|
For the Fiscal Years Ended December 31, |
|
|
2023 |
|
|
2022 |
|
(US$ thousands) |
|
Revenue |
|
Cost of Revenue |
|
Gross Margin |
|
Revenue |
|
Cost of Revenue |
|
Gross Margin |
Sale of sugar |
|
116,443 |
|
113,110 |
|
2.9 |
% |
|
154,757 |
|
145,071 |
|
6.3 |
% |
Sale of rice |
|
26,440 |
|
25,325 |
|
4.2 |
% |
|
34,200 |
|
32,099 |
|
6.1 |
% |
Sale of oil and fat products |
|
47,623 |
|
45,065 |
|
5.4 |
% |
|
17,568 |
|
16,489 |
|
6.1 |
% |
Sale of others |
|
218 |
|
195 |
|
10.6 |
% |
|
192 |
|
181 |
|
5.7 |
% |
Total |
|
190,724 |
|
183,695 |
|
3.7 |
% |
|
206,717 |
|
193,840 |
|
6.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Revenue from sales of sugar was
US$116.4 million for fiscal year 2023, which decreased by 24.7%
from US$154.8 million for fiscal year 2022. This decline was
attributable to a decrease in demand for sugar from our customers
in Southeast Asia, notably, Indonesia and Vietnam. Additionally,
the decrease was linked to the market disruption caused by India’s
decision to ban sugar exports.
- Revenue from sales of rice was
US$26.4 million for fiscal year 2023, which decreased by 22.7% from
US$34.2 million for fiscal year 2022. The decline was a direct
consequence of reduced demand for rice, primarily stemming from the
export ban imposed by the Indian government. This ban limits the
availability of Indian rice in the international market, disrupting
the established trade pattern. The Company is actively seeking
alternative options for rice sourcing, to mitigate the adverse
effects of the export ban on the Company’s revenue stream.
- Revenue from sales of oil and fat
products was US$47.6 million for fiscal year 2023, which increased
by 171.0% from US$17.6 million for fiscal year 2022. The increase
was attributable to the palm oil prices which have experienced a
significant upward trend over the past three years, reaching an
all-time high in 2022. In 2023, there was a price drop, leading to
an increase in demand.
- Revenue from sales of others was
US$0.2 million for fiscal year 2023 The sales of other products
were random sales during the year, specifically, sales of tomato
puree and creamer.
A breakdown of revenue by geographic regions for
the fiscal years ended December 31, 2023 and 2022 is summarized
below:
|
|
For the fiscal years ended December 31, |
|
|
|
|
|
|
|
(US$ thousands) |
|
2023 |
|
|
% |
|
|
2022 |
|
|
% |
|
|
Amount |
|
|
Change (%) |
|
|
|
US$’000 |
|
|
|
|
|
US$’000 |
|
|
|
|
|
US$’000 |
|
|
|
|
Africa |
|
$ |
80,637 |
|
|
|
42.3 |
|
|
|
56,863 |
|
|
|
27.5 |
|
|
|
23,774 |
|
|
|
41.8 |
|
China |
|
|
17,731 |
|
|
|
9.3 |
|
|
|
16,629 |
|
|
|
8.0 |
|
|
|
1,102 |
|
|
|
6.6 |
|
Indonesia |
|
|
22,502 |
|
|
|
11.8 |
|
|
|
79,645 |
|
|
|
38.5 |
|
|
|
(57,143 |
) |
|
|
(71.7 |
) |
Vietnam |
|
|
9,109 |
|
|
|
4.8 |
|
|
|
28,663 |
|
|
|
13.9 |
|
|
|
(19,554 |
) |
|
|
(68.2 |
) |
Philippines |
|
|
19,372 |
|
|
|
10.2 |
|
|
|
3,237 |
|
|
|
1.6 |
|
|
|
16,135 |
|
|
|
499.0 |
|
Thailand |
|
|
13,120 |
|
|
|
6.9 |
|
|
|
1,980 |
|
|
|
1.0 |
|
|
|
11,140 |
|
|
|
562.6 |
|
Singapore |
|
|
18,889 |
|
|
|
9.9 |
|
|
|
8,808 |
|
|
|
4.3 |
|
|
|
10,081 |
|
|
|
114.5 |
|
Other countries |
|
|
9,364 |
|
|
|
4.8 |
|
|
|
10,892 |
|
|
|
5.2 |
|
|
|
(1,528 |
) |
|
|
(14.0 |
) |
Total revenue |
|
$ |
190,724 |
|
|
|
100.0 |
|
|
|
206,717 |
|
|
|
100 |
|
|
|
(15,993 |
) |
|
|
(7.7 |
) |
|
- Revenue from the Africa market
experienced growth of 41.8%. Africa’s contribution to total revenue
increased to 42.3% for fiscal year 2023, from 27.5% for fiscal year
2022. The increase was driven by a rise in revenue generated from
oil and fat products. The Company strategically engaged with
specialized traders in oil and fat products, which contributed
significantly to the growth in this market.
- Revenue from China market
demonstrated moderate growth, representing a 6.6% growth. The
increase was attributable to the Company’s successful penetration
into liquid sugar sales within China.
- Revenue from the Indonesian market
experienced a decline of 71.7%, which can be attributed to
challenges in securing tenders for sugar imports, affecting the
Company’s ability to generate revenue from this market.
- Revenue from the Vietnam market
decreased by 68.2%, primarily because in Vietnam, the government
took action to regulate the impact of the price of imported sugar
to their domestic sugar industry by imposing duties and quota
restrictions, which led to the decrease in demand.
- Revenue from the Philippines market
increased significantly by 499.0%, primarily due to two key
factors. Firstly, industrial users in the country expanded their
capacity, leading to higher demand for our products. Secondly, the
Philippine government issued sugar import permits in response to a
poor local crop yield, which further boosted our revenue in the
region.
- Revenue from the Thailand market
showed notable growth, representing a 562.6% increase, which was
attributed to the expansion of capacity in Thailand’s Export
Processing Zone (EPZ) factories, specifically to cater to the
Chinese market. This growth was facilitated by the Free Trade
Agreement (FTA) between Thailand and China, enabling increased
exports to China from the EPZ factories.
- Revenue from the Singapore market
increased by 114.5%, which was mainly attributed to the expansion
of capacity among local general trade and industrial users. This
surge underscores the widespread acceptance of our sugar brand in
the Singapore market, further contributing to our revenue
growth.
- Revenue from other countries
decreased by 14.0%. This decrease was a result of a mixed
performance across various countries, where some experienced
increases while others saw decreases. These fluctuations, although
present, were not significant enough to offset the overall decline
in revenue.
Cost of Revenue
Cost of revenue was US$183.7 million for fiscal
year 2023, which decreased by 5.2% from US$193.8 million for fiscal
year 2022. The decrease in cost of revenue was primarily due to the
decrease in revenues as stated above, due to a reduction in demand
for the Company’s products (other than oil and fat products) from
the Company’s customers. Accordingly, the Company’s cost of
revenues has decreased correspondingly.
Gross Profit and Gross
Margin
Gross profit was US$7.0 million for fiscal year
2023, which decreased by 45.4% from US$12.9 million for fiscal year
2022. As a result of the decrease in revenues, there was a
corresponding decrease in the cost of revenues.
Gross margin was 3.7% for fiscal year 2023,
compared to 6.2% for fiscal year 2022. The decline in gross margin
occurred due to procurement and pricing pressures in certain
markets, together with rising supply chain costs.
Operating Expenses
Operating expenses of the Company were US$5.9
million for fiscal year 2023, which decreased by 22.5% from $7.6
million for fiscal year 2022.
- Selling and marketing expenses were
US$2.4 million for fiscal year 2023, which decreased by 54.7% from
US$5.3 million for fiscal year 2022. The decrease was primarily due
to a decrease in sales-related expenses and commissions
payable.
- General and administrative expenses
were US$3.4 million for fiscal year 2023, which increased by 47.8%
from US$2.3 million for fiscal year 2022. The increase was
primarily due to an increase in employee benefits, office running
cost, legal and professional fees, impairment losses, directors’
and officers’ liability insurance and overseas office
expenses.
Other Income and Interest
Expense
Other income was US$0.2 million for fiscal year
2023, which decreased by 30.5% from US$0.3 million for fiscal year
2022. This decrease was primarily due to reduced government grants
and the absence of miscellaneous claims from customers and
suppliers compared to the previous fiscal year 2022.
Interest expense was US$110,000 for fiscal year
2023, which increased by 233.3% from US$33,000 for fiscal year
2022, as the Company had a higher amount of bank borrowings in
fiscal year 2023, compared to fiscal year 2022. During fiscal year
2023, the Company obtained a loan for a new Company vehicle that
was newly acquired The Company also repaid interest to a related
party for a loan provided to one of the subsidiaries of the
Company.
Profit before Tax and Income Tax
Expense
Profit before tax was US$1.2 million for fiscal
year 2023, which decreased by 77.7% from US$5.5 million for fiscal
year 2022. Correspondingly, income tax was US$0.1 million for
fiscal year 2023, which decreased from $0.9 million for fiscal year
2022.
Net Income
Net income was US$1.1 million for fiscal year
2023, which decreased by 76.5% from US$4.6 million for fiscal year
2022.
Basic and diluted earnings per share were
US$0.04 for fiscal year 2023, compared to US$0.20 for fiscal year
2022.
Financial Condition
As of December 31, 2023, the Company had cash
and cash equivalents of US$1.3 million, compared to US$2.5 million
as of December 31, 2022.
Net cash generated by operating activities was
US$1.8 million for fiscal year 2023, compared to net cash used in
operating activities of US$1.9 million for fiscal year 2022.
This increase was primarily due to a US$1.6 million reduction in
inventory, along with decreases in tax payables and deferred
offering costs. However, these decreases were offset by a
substantial increase in trade and other receivables, amounting to
US$10.8 million, as well as a corresponding increase in trade and
other payables totaling US$8.3 million. Notably, allowance for
expected credit losses were recognized during the fiscal year
2023.
Net cash used in investing activities was
US$208,000 for fiscal year 2023, compared to net cash provided by
investing activities of US$42,000 for fiscal year 2022. This
substantial increase in cash outflow was primarily due to capital
expenditures totaling approximately US$296,000, offset by interest
income of approximately US$88,000.
Net cash used in financing activities was US$2.8
million for fiscal year 2023, compared US$2.6 million for fiscal
year 2022. During fiscal year 2023, the Company received proceeds
from an offering totaling approximately US$3.1 million, after
netting off related expenses, and proceeds from finance leases
totaling approximately US$0.14 million. However, these proceeds
were partially offset by loan repayments and loan to a related
party.
About Davis Commodities
Limited
Based in Singapore, Davis Commodities Limited is
an agricultural commodity trading company that specializes in
trading sugar, rice, and oil and fat products in various markets,
including Asia, Africa and the Middle East. The Company sources,
markets, and distributes commodities under two main brands: Maxwill
and Taffy in Singapore. The Company also provides customers of its
commodity offerings with complementary and ancillary services, such
as warehouse handling and storage and logistics services. The
Company utilizes an established global network of third-party
commodity suppliers and logistics service providers to distribute
sugar, rice, and oil and fat products to customers in over 20
countries, as of the fiscal year ended December 31, 2023. For more
information, please visit the Company’s website:
ir.daviscl.com.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Investors can find many (but not all) of these statements by
the use of words such as “approximates,” “believes,” “hopes,”
“expects,” “anticipates,” “estimates,” “projects,” “intends,”
“plans,” “will,” “would,” “should,” “could,” “may,” or other
similar expressions. The Company undertakes no obligation to update
or revise publicly any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to review other
factors that may affect its future results in the Company’s
registration statement and other filings with the U.S.Securities
and Exchange Commission.
For more information, please
contact:
Davis Commodities
LimitedInvestor Relations DepartmentEmail:
investors@daviscl.com
Ascent Investor Relations
LLCTina XiaoPhone: +1-646-932-7242Email:
investors@ascent-ir.com
DAVIS COMMODITIES LIMITED AND ITS
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(Amount in thousands, except for share and
per share data, or otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2022 |
|
|
2023 |
|
|
|
US$’000 |
|
|
US$’000 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
2,540 |
|
|
|
1,330 |
|
Accounts receivable, net |
|
|
4,656 |
|
|
|
15,267 |
|
Prepaid expenses and other current assets |
|
|
7,001 |
|
|
|
6,131 |
|
Deferred offering costs |
|
|
1,129 |
|
|
|
– |
|
Inventory |
|
|
2,176 |
|
|
|
537 |
|
Total current assets |
|
|
17,502 |
|
|
|
23,265 |
|
Property, plant and equipment |
|
|
399 |
|
|
|
633 |
|
Right-of-use asset |
|
|
– |
|
|
|
73 |
|
Loan to a related party |
|
|
– |
|
|
|
5,907 |
|
Total non-current assets |
|
|
399 |
|
|
|
6,613 |
|
TOTAL ASSETS |
|
|
17,901 |
|
|
|
29,878 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Bank loans - current |
|
|
157 |
|
|
|
207 |
|
Lease payable - current |
|
|
– |
|
|
|
36 |
|
Finance lease - current |
|
|
– |
|
|
|
29 |
|
Accounts payable |
|
|
5,096 |
|
|
|
14,323 |
|
Accruals and other current liabilities |
|
|
4,749 |
|
|
|
3,850 |
|
Income taxes payable |
|
|
1,357 |
|
|
|
713 |
|
Total current liabilities |
|
|
11,359 |
|
|
|
19,158 |
|
Bank loans – non-current |
|
|
528 |
|
|
|
323 |
|
Lease payable – non-current |
|
|
– |
|
|
|
38 |
|
Finance lease – non-current |
|
|
– |
|
|
|
101 |
|
Deferred tax liabilities |
|
|
1 |
|
|
|
– |
|
Total non-current liabilities |
|
|
529 |
|
|
|
462 |
|
TOTAL LIABILITIES |
|
|
11,888 |
|
|
|
19,620 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
– |
|
|
|
– |
|
Shareholders’ equity |
|
|
|
|
|
|
|
|
Ordinary shares US$0.000000430108 par value per share;
232,500,000,000 authorized as of December 31, 2022 and 2023;
24,500,625 shares issued and outstanding** |
|
|
* |
|
|
|
* |
|
Additional paid-in capital |
|
|
– |
|
|
|
3,151 |
|
Merger reserve |
|
|
1,113 |
|
|
|
1,113 |
|
Retained earnings |
|
|
4,895 |
|
|
|
5,981 |
|
Accumulated other comprehensive income |
|
|
5 |
|
|
|
13 |
|
Total shareholders’ equity |
|
|
6,013 |
|
|
|
10,258 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
17,901 |
|
|
|
29,878 |
|
* |
Denotes amount less than US$’000. |
** |
Retrospectively restated for the effect of a 2,325-for-1 share
subdivision. |
DAVIS COMMODITIES LIMITED AND ITS
SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME(Amount in thousands,
except for share and per share data, or otherwise
noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the years ended December 31, |
|
|
|
2021 |
|
|
2022 |
|
|
2023 |
|
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
Revenues |
|
|
194,239 |
|
|
|
206,717 |
|
|
|
190,724 |
|
Cost of revenues |
|
|
(181,994 |
) |
|
|
(193,840 |
) |
|
|
(183,695 |
) |
Gross profit |
|
|
12,245 |
|
|
|
12,877 |
|
|
|
7,029 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
|
(5,396 |
) |
|
|
(5,307 |
) |
|
|
(2,439 |
) |
General and administrative expenses |
|
|
(1,871 |
) |
|
|
(2,287 |
) |
|
|
(3,443 |
) |
Total operating expenses |
|
|
(7,267 |
) |
|
|
(7,594 |
) |
|
|
(5,882 |
) |
Income from operations |
|
|
4,978 |
|
|
|
5,283 |
|
|
|
1,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income/(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
671 |
|
|
|
285 |
|
|
|
198 |
|
Interest expense |
|
|
(48 |
) |
|
|
(33 |
) |
|
|
(110 |
) |
Total other income |
|
|
623 |
|
|
|
252 |
|
|
|
88 |
|
Income before tax expense |
|
|
5,601 |
|
|
|
5,535 |
|
|
|
1,235 |
|
Income tax expense |
|
|
(901 |
) |
|
|
(920 |
) |
|
|
(149 |
) |
Net income |
|
|
4,700 |
|
|
|
4,615 |
|
|
|
1,086 |
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation loss, net of taxes |
|
|
(3 |
) |
|
|
(2 |
) |
|
|
8 |
|
Total comprehensive income |
|
|
4,697 |
|
|
|
4,613 |
|
|
|
1,094 |
|
Net income per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.04 |
|
Weighted average number of ordinary shares used in
computing net income per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted* |
|
|
23,250,000 |
|
|
|
23,250,000 |
|
|
|
24,500,625 |
|
* |
Retrospectively restated for the effect of a 2,325-for-1 share
subdivision. |
DAVIS COMMODITIES LIMITED AND ITS
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS(Amount in thousands, except for share and
per share data, or otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the years ended December 31, |
|
|
|
2021 |
|
|
2022 |
|
|
2023 |
|
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
Net income |
|
|
4,700 |
|
|
|
4,615 |
|
|
|
1,086 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
54 |
|
|
|
58 |
|
|
|
62 |
|
Unrealized loss on derivative contract at fair value |
|
|
(389 |
) |
|
|
218 |
|
|
|
– |
|
Allowance for expected credit losses |
|
|
– |
|
|
|
– |
|
|
|
500 |
|
Impairment loss for damaged inventory |
|
|
– |
|
|
|
– |
|
|
|
16 |
|
Bad trade debts written off |
|
|
– |
|
|
|
– |
|
|
|
2 |
|
Interest expense |
|
|
46 |
|
|
|
33 |
|
|
|
103 |
|
Interest expense on finance lease |
|
|
– |
|
|
|
– |
|
|
|
2 |
|
Interest expense on lease liability |
|
|
2 |
|
|
|
* |
|
|
|
5 |
|
Interest income |
|
|
(53 |
) |
|
|
(56 |
) |
|
|
(88 |
) |
|
|
|
4,360 |
|
|
|
4,868 |
|
|
|
1,688 |
|
Changes in operating assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Decrease/(increase) in inventories |
|
|
241 |
|
|
|
(2,082 |
) |
|
|
1,624 |
|
(Increase)/decrease in margin deposits |
|
|
(599 |
) |
|
|
559 |
|
|
|
571 |
|
(Increase)/decrease of accounts and other receivables |
|
|
(11,140 |
) |
|
|
4,146 |
|
|
|
(10,808 |
) |
(Increase)/decrease in deferred offering costs |
|
|
– |
|
|
|
(1,129 |
) |
|
|
1,129 |
|
Increase/(decrease) in accounts and other payables, and
accruals |
|
|
10,433 |
|
|
|
(8,727 |
) |
|
|
8,253 |
|
Decrease in amount due from directors |
|
|
(990 |
) |
|
|
* |
|
|
|
– |
|
Decrease in operating lease liabilities |
|
|
– |
|
|
|
– |
|
|
|
(3 |
) |
Increase/(decrease) in income tax payable |
|
|
910 |
|
|
|
419 |
|
|
|
(645 |
) |
Cash provided by/(used in) operating
activities |
|
|
3,215 |
|
|
|
(1,946 |
) |
|
|
1,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest received |
|
|
53 |
|
|
|
56 |
|
|
|
88 |
|
Purchase of property, plant and equipment |
|
|
(11 |
) |
|
|
(14 |
) |
|
|
(296 |
) |
Cash provided by/(used in) investing
activities |
|
|
42 |
|
|
|
42 |
|
|
|
(208 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount due to related parties |
|
|
(157 |
) |
|
|
* |
|
|
|
– |
|
Loan to a related party |
|
|
– |
|
|
|
– |
|
|
|
(5,907 |
) |
Issuance of share capital |
|
|
– |
|
|
|
* |
|
|
|
* |
|
Dividend paid |
|
|
– |
|
|
|
(3,001 |
) |
|
|
– |
|
Net proceeds from offering |
|
|
– |
|
|
|
– |
|
|
|
3,151 |
|
Proceeds from bank borrowings |
|
|
256 |
|
|
|
575 |
|
|
|
– |
|
Proceeds from finance lease |
|
|
– |
|
|
|
– |
|
|
|
144 |
|
Repayment of bank borrowings |
|
|
(2,039 |
) |
|
|
(146 |
) |
|
|
(155 |
) |
Interest paid |
|
|
(46 |
) |
|
|
(33 |
) |
|
|
(28 |
) |
Principal payment of finance lease |
|
|
– |
|
|
|
– |
|
|
|
(14 |
) |
Principal payment of lease liabilities |
|
|
(38 |
) |
|
|
(38 |
) |
|
|
– |
|
Payment of interest on finance lease |
|
|
– |
|
|
|
– |
|
|
|
(2 |
) |
Payment of interest on lease liabilities |
|
|
(2 |
) |
|
|
* |
|
|
|
* |
|
Cash (used in)/provided by financing
activities |
|
|
(2,026 |
) |
|
|
(2,643 |
) |
|
|
(2,811 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
1,231 |
|
|
|
(4,547 |
) |
|
|
(1,210 |
) |
Cash and cash equivalents as of beginning of the year |
|
|
5,856 |
|
|
|
7,087 |
|
|
|
2,540 |
|
Cash and cash equivalents as of the end of the year |
|
|
7,087 |
|
|
|
2,540 |
|
|
|
1,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary Cash Flows Information |
|
|
|
|
|
|
|
|
|
|
|
|
Cash refunded/(paid) for taxes |
|
|
9 |
|
|
|
(499 |
) |
|
|
(791 |
) |
Operating lease asset obtained in exchange for operating lease
obligations |
|
|
– |
|
|
|
– |
|
|
|
150 |
|
Dividend that was offset against loan assumed by
shareholder/director |
|
|
(2,051 |
) |
|
|
(671 |
) |
|
|
– |
|
* |
Denotes amount less than US$1,000. |
Davis Commodities (NASDAQ:DTCK)
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From Aug 2023 to Aug 2024