Dear Shareholders,

Celebrating our 25th anniversary in 2024, Davis Commodities Limited has grown and prospered since its inception in 1999. This past year has marked a milestone in our global expansion, highlighted by our successful Nasdaq listing, a culmination of our dedicated efforts and remarkable achievements. Throughout the years, we have been greatly supported by our shareholders, and we are sincerely grateful for your enduring trust and attention.

We are proud of what we have achieved in 2023. Our financial performance has demonstrated strong resilience against headwinds, such as high market volatility and economic uncertainty. The restructuring of our business at the beginning of...