Company: SDSYA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001163609-25-000010
Chunk: 26

Company: SOUTH DAKOTA SOYBEAN PROCESSORS LLC
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 26
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 or construction delays, we believe the plant will commence operations in October 2025.

Results of Operations

Comparison of Years Ended December 31, 2024 and 2023 

 Year Ended December 31, 2024Year Ended December 31, 2023 $% ofRevenue$% ofRevenueRevenue$554,419,770 100.0 $703,148,409 100.0 Cost of revenues(525,031,207)(94.7)(624,732,341)(88.8)Gross profit29,388,563 5.3 78,416,068 11.2 Operating expenses(6,054,341)(1.1)(6,487,573)(0.9)Interest expense(6,419,829)(1.2)(2,837,555)(0.4)Other non-operating income (expense)4,848,180 0.9 2,018,285 0.3 Net income21,762,573 3.9 71,109,225 10.2 Net income attributable to non-controlling interests in consolidate entities1,442,756 0.3 659,647 0.1 Net income attributed to Company$20,319,817 3.6 $70,449,578 10.1 

Revenue – Revenue decreased $148.7 million, or 21.2%, for the year ended December 31, 2024, compared to the same period in 2023. The decrease was primarily due to a decrease in the average sales price of soybean products. The average price of soybean oil decreased 23.9% during the year ended  December 31, 2024, compared to the same period in 2023, due to a decrease in demand. Soybean oil demand from the energy sector dropped dramatically in 2024 as refining margins for biodiesel and renewable diesel producers came under pressure from overproduction, which led to production slowdowns at some locations. Further contributing to the drop was an increase in imports of lower-priced alternatives to soybean oil, specifically used cooking oil. In addition, average soybean meal prices declined by 15.3% in 2024 following the return of Argentine processors to the global export market and an increase in U.S. soybean production. 

Gross Profit/Loss – Gross profit decreased by $49.0 million, or