Davis Commodities Limited Ordinary Shares (DTCK) 10-Year Financial Performance & Capital Metrics

DTCK • • Industrial / General

Consumer DefensiveFarm ProductsAgricultural Commodity Processing & TradingRegional Agricultural Commodity Traders

AboutDavis Commodities Limited, an investment holding company, operates as an agricultural commodity trading company in Asia, Africa, and the Middle East. The company trades in agricultural commodities, including sugar, rice, and oil and fat products under the Maxwill, Lin, and Taffy brands. It also provides warehouse storage and logistic, as well as agency services. The company was founded in 1999 and is headquartered in Singapore. Davis Commodities Limited operates as a subsidiary of Davis & KT Holdings Pte. Ltd.Show more

Revenue $132M -30.6%
EBITDA -$4M -493.5%
Net Income -$4M -425.0%
EPS (Diluted) -0.14 -416.0%
Gross Margin 1.76% -36.0%
EBITDA Margin -2.72% -666.9%
Operating Margin -2.8% -724.3%
Net Margin -2.67% -568.2%
ROE -41.55% -411.3%
ROIC -34.32% -470.3%
Debt/Equity 0.07 -4.4%
Interest Coverage -27.82 -458.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 28.7%
✓Trading at only 1.1x book value
✓Efficient asset utilization: 6.7x turnover

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 3 (bottom 3%)
✗Low quality earnings: Net income not backed by cash flow
✗Thin 5Y average net margin of 0.6%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-12%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-

EPS CAGR

10Y-

5Y-

3Y-

TTM-

ROCE

10Y Avg59.36%

5Y Avg59.36%

3Y Avg30.03%

Latest-39.53%

Peer Comparison

Regional Agricultural Commodity Traders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SDOTSadot Group Inc.	4.38M	2.83	0.33	-2.31%	-2.84%	-55.47%		0.23
DTCKDavis Commodities Limited Ordinary Shares	7.57M	0.31	-2.21	-30.6%	-0.77%	-27.62%		0.07
AFRIForafric Global PLC	278.97M	10.37	-11.52	-10.23%	-5.17%	-103.07%	7.67%	31.22

Profit & Loss

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	131.63M	194.24M	206.72M	190.72M	132.37M
Revenue Growth %	-	0.48%	0.06%	-0.08%	-0.31%
Cost of Goods Sold+	125.77M	181.99M	193.84M	136.76M	130.04M
COGS % of Revenue	0.96%	0.94%	0.94%	0.72%	0.98%
Gross Profit+	5.86M	12.24M	12.88M	5.23M	2.33M
Gross Margin %	0.04%	0.06%	0.06%	0.03%	0.02%
Gross Profit Growth %	-	1.09%	0.05%	-0.59%	-0.56%
Operating Expenses+	5.93M	7.27M	7.59M	4.38M	6.03M
OpEx % of Revenue	0.05%	0.04%	0.04%	0.02%	0.05%
Selling, General & Admin	5.93M	7.27M	7.59M	5.88M	6.03M
SG&A % of Revenue	0.05%	0.04%	0.04%	0.03%	0.05%
Research & Development	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-
Other Operating Expenses	0	0	0	-1.5M	0
Operating Income+	-75K	4.98M	5.28M	853.96K	-3.7M
Operating Margin %	-0%	0.03%	0.03%	0%	-0.03%
Operating Income Growth %	-	67.37%	0.06%	-0.84%	-5.33%
EBITDA+	-25K	5.02M	5.33M	915.96K	-3.6M
EBITDA Margin %	-0%	0.03%	0.03%	0%	-0.03%
EBITDA Growth %	-	201.73%	0.06%	-0.83%	-4.93%
D&A (Non-Cash Add-back)	50K	40.18K	42.06K	62K	96K
EBIT	544K	5.65M	5.57M	1.34M	-3.22M
Net Interest Income+	-56K	-48K	-33K	-110K	-133K
Interest Income	0	0	0	0	0
Interest Expense	56K	48K	33K	110K	133K
Other Income/Expense	563K	623K	252K	381.04K	349K
Pretax Income+	488K	5.6M	5.54M	1.24M	-3.35M
Pretax Margin %	0%	0.03%	0.03%	0.01%	-0.03%
Income Tax+	32K	901K	920K	149K	178K
Effective Tax Rate %	0.93%	0.84%	0.83%	0.88%	1.05%
Net Income+	456K	4.7M	4.62M	1.09M	-3.53M
Net Margin %	0%	0.02%	0.02%	0.01%	-0.03%
Net Income Growth %	-	9.31%	-0.02%	-0.76%	-4.25%
Net Income (Continuing)	456K	4.7M	4.62M	1.09M	-3.53M
Discontinued Operations	0	0	0	0	0
Minority Interest	0	0	0	0	0
EPS (Diluted)+	0.01	0.14	0.14	0.04	-0.14
EPS Growth %	-	9.29%	0%	-0.68%	-4.16%
EPS (Basic)	0.01	0.14	0.14	0.04	-0.14
Diluted Shares Outstanding	24.34M	24.34M	24.34M	24.5M	24.5M
Basic Shares Outstanding	24.34M	24.34M	24.34M	24.5M	24.5M
Dividend Payout Ratio	-	-	0.47%	-	-

Balance Sheet

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	12.16M	24.22M	17.5M	23.27M	12.21M
Cash & Short-Term Investments	5.86M	7.09M	2.54M	1.33M	678K
Cash Only	5.86M	7.09M	2.54M	1.33M	678K
Short-Term Investments	0	0	0	0	0
Accounts Receivable	5.22M	15.2M	4.66M	15.37M	8.07M
Days Sales Outstanding	14.47	28.56	8.22	29.41	22.24
Inventory	397.23K	95K	2.18M	537K	319K
Days Inventory Outstanding	1.15	0.19	4.1	1.43	0.9
Other Current Assets	495.77K	1.54M	5.05M	25K	66K
Total Non-Current Assets+	486K	443K	399K	6.61M	7.48M
Property, Plant & Equipment	234K	198K	163K	200.14K	371K
Fixed Asset Turnover	562.50x	981.01x	1268.20x	952.97x	356.79x
Goodwill	0	0	0	0	0
Intangible Assets	0	0	0	0	0
Long-Term Investments	0	0	0	4.81M	5.35M
Other Non-Current Assets	252K	245K	236K	1.6M	1.75M
Total Assets+	12.65M	24.66M	17.9M	29.88M	19.69M
Asset Turnover	10.41x	7.88x	11.55x	6.38x	6.72x
Asset Growth %	-	0.95%	-0.27%	0.67%	-0.34%
Total Current Liabilities+	10.18M	22.38M	11.36M	19.16M	11.69M
Accounts Payable	5.54M	15.34M	5.1M	14.32M	9.13M
Days Payables Outstanding	16.08	30.77	9.6	38.23	25.64
Short-Term Debt	2.04M	47K	157K	207K	219K
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	323K
Other Current Liabilities	403K	6K	422K	204K	218K
Current Ratio	1.19x	1.08x	1.54x	1.21x	1.04x
Quick Ratio	1.16x	1.08x	1.35x	1.19x	1.02x
Cash Conversion Cycle	-0.46	-2.01	2.72	-7.38	-2.5
Total Non-Current Liabilities+	39K	210K	529K	462K	1.27M
Long-Term Debt	0	209K	528K	323K	103K
Capital Lease Obligations	38K	0	0	139K	72K
Deferred Tax Liabilities	1K	1K	1K	0	0
Other Non-Current Liabilities	0	0	0	0	1.1M
Total Liabilities	10.22M	22.59M	11.89M	19.62M	12.96M
Total Debt+	2.12M	294K	685K	734K	460K
Net Debt	-3.74M	-6.79M	-1.85M	-596K	-218K
Debt / Equity	0.87x	0.14x	0.11x	0.07x	0.07x
Debt / EBITDA	-	0.06x	0.13x	0.80x	-
Net Debt / EBITDA	-	-1.35x	-0.35x	-0.65x	-
Interest Coverage	-1.34x	103.71x	160.09x	7.76x	-27.82x
Total Equity+	2.43M	2.07M	6.01M	10.26M	6.73M
Equity Growth %	-	-0.15%	1.9%	0.71%	-0.34%
Book Value per Share	0.10	0.09	0.25	0.42	0.27
Total Shareholders' Equity	2.43M	2.07M	6.01M	10.26M	6.73M
Common Stock	0	0	0	0	0
Retained Earnings	985.89K	952K	4.89M	5.98M	2.45M
Treasury Stock	0	0	0	0	0
Accumulated OCI	10K	7K	1.12M	1.13M	1.12M
Minority Interest	0	0	0	0	0

Cash Flow

	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.94M	3.21M	-1.95M	1.81M	-777K
Operating CF Margin %	0.02%	0.02%	-0.01%	0.01%	-0.01%
Operating CF Growth %	-	0.09%	-1.61%	1.93%	-1.43%
Net Income	456K	4.7M	4.62M	1.09M	-3.53M
Depreciation & Amortization	50K	40.18K	58K	62K	96K
Stock-Based Compensation	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Other Non-Cash Items	360K	-380.18K	195K	540K	17K
Working Capital Changes	2.08M	-1.15M	-6.81M	121K	2.64M
Change in Receivables	568K	-11.22M	4.57M	-8.05M	9.4M
Change in Inventory	-224K	241K	-2.08M	1.21M	218K
Change in Payables	1.9M	10.43M	-8.73M	6.14M	-6.22M
Cash from Investing+	-2K	42K	42K	-208K	-5K
Capital Expenditures	-3K	-11K	-14K	-296K	-5K
CapEx % of Revenue	0%	0%	0%	0%	0%
Acquisitions	-	-	-	-	-
Investments	-	-	-	-	-
Other Investing	1K	53K	56K	88K	0
Cash from Financing+	1.67M	-2.03M	-2.64M	-2.81M	130K
Debt Issued (Net)	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-
Dividends Paid	0	0	-2.18M	0	0
Share Repurchases	-	-	-	-	-
Other Financing	-104K	-205K	-777.87K	-5.94M	367K
Net Change in Cash	-	-	-	-	-
Free Cash Flow+	2.94M	3.2M	-1.96M	1.51M	-782K
FCF Margin %	0.02%	0.02%	-0.01%	0.01%	-0.01%
FCF Growth %	-	0.09%	-1.61%	1.77%	-1.52%
FCF per Share	0.12	0.13	-0.08	0.06	-0.03
FCF Conversion (FCF/Net Income)	6.46x	0.68x	-0.42x	1.67x	0.22x
Interest Paid	0	0	0	0	0
Taxes Paid	32K	0	499K	791K	856K

Key Ratios

Metric	2020	2021	2022	2023	2024
Return on Equity (ROE)	18.8%	208.98%	114.16%	13.35%	-41.55%
Return on Invested Capital (ROIC)	-	-	95.29%	9.27%	-34.32%
Gross Margin	4.45%	6.3%	6.23%	2.74%	1.76%
Net Margin	0.35%	2.42%	2.23%	0.57%	-2.67%
Debt / Equity	0.87x	0.14x	0.11x	0.07x	0.07x
Interest Coverage	-1.34x	103.71x	160.09x	7.76x	-27.82x
FCF Conversion	6.46x	0.68x	-0.42x	1.67x	0.22x
Revenue Growth	-	47.57%	6.42%	-7.74%	-30.6%

Revenue by Geography

	2023	2024
Africa	80.64M	68.45M
Africa Growth	-	-15.12%
THAILAND	13.12M	12.99M
THAILAND Growth	-	-0.99%
INDONESIA	22.5M	12.67M
INDONESIA Growth	-	-43.69%
CHINA	17.73M	11.96M
CHINA Growth	-	-32.56%
SINGAPORE	18.89M	10.11M
SINGAPORE Growth	-	-46.50%
VIET NAM	9.11M	7M
VIET NAM Growth	-	-23.16%
Other Countries	9.37M	6.35M
Other Countries Growth	-	-32.21%
PHILIPPINES	19.37M	2.85M
PHILIPPINES Growth	-	-85.29%

Frequently Asked Questions

Growth & Financials

Davis Commodities Limited Ordinary Shares (DTCK) reported $241.1M in revenue for fiscal year 2024. This represents a 83% increase from $131.6M in 2020.

Davis Commodities Limited Ordinary Shares (DTCK) saw revenue decline by 30.6% over the past year.

Davis Commodities Limited Ordinary Shares (DTCK) reported a net loss of $1.9M for fiscal year 2024.

Dividend & Returns

Davis Commodities Limited Ordinary Shares (DTCK) has a return on equity (ROE) of -41.6%. Negative ROE indicates the company is unprofitable.

Davis Commodities Limited Ordinary Shares (DTCK) generated $0.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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