DCT Trading Boosts Sales by 91% in Q3 2024
DCT Trading increased its sales by 91% in the third quarter of 2024 compared to the same period last year. According to the "Information Note" published on the public disclosure platform, the financial debt, which was 614 million TL at the end of 2023, decreased to 182 million TL by the end of September. The total cash and cash equivalents amounted to 338 million TL at the end of September.
The Information Note continued: "Our company, which primarily contributes to Turkey's exports through cotton trading, has managed to increase its sales by 91% in the third quarter of 2024 compared to the same period of the previous year. However, due to the cost of sales being inflated in line with inflation accounting for the year 2023, the gross profit margin remained negative.
With the new public offering and the effect of the offering income not yet channeled into investments, a monetary loss of 10.1 million TL has been recorded, negatively affecting the net profit. In the same period last year, a contribution of 25.7 million TL was generated.
The third quarter balance sheet period corresponds to the months when the supply of cotton, an agricultural commodity, is at its lowest, and consequently, the commercial cycle worldwide experiences a low. The buying and selling volumes in the last quarter of the year, when cotton harvesting begins in the Northern Hemisphere, are decisive for the year’s overall results. In this context, our company has shown similar trends when looking back at 10 years of third-quarter data.
A portion of the investment costs for capacity increase in our subsidiary Bluefarm IKE has been reflected in the third quarter financial statements. Furthermore, the contribution of this investment to the company’s consolidated balance sheet will significantly increase starting from the 2025 harvest season.
Our company is diligently continuing its efforts for the effective use of public offering income and the development of company operations. In this regard, it will be appropriate to follow our recent public disclosure announcements. We plan to organize investor and analyst meetings to share the most up-to-date information regarding DCT Trading, "The Gateway of Agriculture to the World," along with our year-end 2024 data."