Derrimon Trading Company Ltd. (DTL) has released its consolidated financial results for the year ended December 31, 2024. Despite facing unplanned adversity at its New York subsidiary and the impact of macroeconomic challenges, the company remains committed to its long-term strategic initiatives, operational improvements, and sustainable growth for stakeholders.  

For the year ended December 31, 2024, Derrimon Trading recorded consolidated revenues of J$15.21 billion, compared to J$18.74 billion in 2023. Gross profit stood at J$3.86 billion or 25.35% compared to the J$4.68 billion or 24.95% reported in the previous year. Consolidated operating profit was reported at J$111.99 million while the net loss for the year was J$616.08 million, compared to a net profit of J$181.99 million in 2023.  

The impact from the closure of the New York subsidiaries Marnock LLC and Retail for nine months due to the collapse of the roof, negatively impacted the performances of all aspects of the consolidated group which resulted in the suppression of revenue, gross profit and profitability. The impact from incurring expenses during closure for nine (9) months, higher than normal financing costs to fund these expenses, inventory losses and non-settlement of insurance claims to date are the reason for the major losses being reported.  

Despite these challenges, total assets grew to J$17.70 billion, up from J$16.65 billion, demonstrating continued investment in business expansion, technology, infrastructure development.

CEO Ian Kelly commented on the company’s performance, stating, “Twenty twenty-four was a year of resilience and allowed for the strategic recalibration for Derrimon Group. Our New York operations will be stronger and will be fully optimized in 2025.  While our financial results reflected the headwinds of the year, our focus remains on optimizing our operations, strengthening our retail and distribution network, and leveraging technology to drive efficiency. As we move into 2025, we will prioritize enhancing efficiencies, market expansion, solidifying the operations of each subsidiary and delivering greater value to all stakeholders.”  

Despite a challenging economic landscape, Derrimon continues to focus on innovation, supply chain optimization, and strategic partnerships to strengthen its market position.

“We remain committed to executing our growth strategy, enhancing our retail and distribution operations, diversifying product offerings, and capitalizing on emerging market trends. Additionally, we continue to assess investment opportunities that will enhance our competitiveness and drive shareholder returns,” added Kelly.