Ms. Li Peng Leck, Executive Chairperson and Executive Director of Davis Commodities, commented, "In 2025, we delivered a strong recovery in revenue and continued to execute on our strategic priorities across both our core trading operations and new growth initiatives. Demand strengthened in key markets, particularly Africa and China, while higher trading volumes in sugar and rice supported a meaningful rebound in top-line performance. Although margin conditions remained pressured by elevated procurement costs, competitive pricing, supply chain disruptions and slower collections in certain markets, we continued to advance measures designed to enhance operating discipline and improve the quality of growth. Management continues to implement measures to improve liquidity, strengthen working capital management, and support long-term operational sustainability.
We were also encouraged by the early progress of our FMCG expansion strategy, which has begun to establish a broader, more consumer-facing growth platform for the Group. Following the rollout of this initiative, our FMCG products have entered major retail channels in Singapore, supporting brand development, recurring revenue opportunities and long-term business resilience. Looking ahead to fiscal year 2026, Davis Commodities will remain focused on operational execution, market expansion, and strengthening business fundamentals across its key growth pillars."
Fiscal Year 2025 Financial Results
Revenue was $184.2 million for the year ended December 31, 2025, compared to $132.4 million for fiscal year 2024, representing an increase of 39.2%.
Gross profit was $2.9 million for the year ended December 31, 2025, compared to $2.3 million for fiscal year 2024, representing an increase of 23.4%.
Loss from operations was $5.2 million for the year ended December 31, 2025, compared to loss from operations of $3.7 million for fiscal year 2024.
Net loss was $5.0 million for the year ended December 31, 2025, compared to net loss of $3.5 million for fiscal year 2024.
Basic and diluted loss per share was $4.11 for the year ended December 31, 2025, compared to basic and diluted loss per share of $2.88 for fiscal year 2024. *
Revenue
Total revenue was $184.2 million for the year ended December 31, 2025, representing an increase of 39.2% from $132.4 million for 2024. The increase was primarily driven by higher sales of sugar and rice products, supported by increased demand in the Africa and China markets, as well as the expansion of the Company's trading activities in these regions.
For the years ended December 31,
2023
%
2024
%
2025
%
US$'000
Sale of sugar
$
116,443
61.0
$
86,599
65.5
$
127,676
69.3
Sale of rice
26,440
13.9
18,680
14.1
34,080
18.5
Sale of oil and fat products
47,623
25.0
26,642
20.1
22,421
12.2
Sale of others
218
0.1
448
0.3
40
0.0
Total revenue
