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DLK Advisory Limited
Trio Group(1710.HK)Announces 2023 Interim Results: Revenue Surged by 35.6% to HK$565.9 million, Profit attributable to the owners of the company HK$21.7 million
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【For Immediate release】
Trio Industrial Electronics Group Limited Announces 2023 Interim Results
Revenue Surged by 35.6% to HK$565.9 million Profit attributable to the owners of the company HK$21.7 million
[Hong Kong – 30 Aug 2023] Trio Industrial Electronics Group Limited (“Trio Group” or the Group”, Stock code: 1710), a leading manufacturer and distributor of advanced industrial electronic components and products in Hong Kong, is pleased to announce the consolidated interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2023 (the “Period”).
The Group’s revenue for the six months ended 30 June 2023 soared by 35.6% year-on-year to HK$565.9 million. Gross profit increased further by 63.0% year-on-year to HK$119.0 million. With effective cost control measures taken by the Group, gross profit margin reached 21.0%. The Group reported a profit attributable to owners of the Company of HK$21.7 million for the six months ended 30 June 2023, as compared with $0.9 million for the six months ended 30 June 2022. (“1H2022”)
The Board has resolved to declare an interim dividend of HK0.8 cent per ordinary share for the six months ended 30 June 2023.
Europe and North America continued to be the major markets for the Group, accounting for 96.5% of the Group’s total revenue for the Period. Sales to customers in Europe had a significant increase of 47.2%, while sales to customers in North America grew by 2.4% compared to the same period last year. These increases were a result of the growing demand for the Group’s products in these regions, which is mainly due to the COVID-19 pandemic and global economic slowdown acting as catalysts for health consciousness, digital transformation, automation solutions, and energy-efficient solutions.
Revenue for the six months ended 30 June 2023 increased by HK$148.4 million as compared with the corresponding period of 2022, primarily due to the increase in sales of smart vending systems, electromechanical products, and switch-mode power supplies as a result of the growing customer demand. Smart vending systems recorded a 362.0% increase in revenue to HK$179.3 million (1H2022: HK$38.8 million), representing approximately 31.7% of the total revenue of the Group. The Group’s other main products, namely switch-mode power supplies and electro-mechanical products also recorded an increase of 55.0% and 7.4% in revenue contribution compared with 1H2022 respectively.
The Group has been able to maintain a healthy financial position, with cash and bank balances (including restricted bank deposits) amounted to HK$73.7 million (31 December 2022: HK$79.0 million) and a current ratio at 2.1 times (31 December 2022: 2.3 times) as at 30 June 2023.
Mr. Cecil Wong, the Chairman of Trio Industrial Electronics Group Limited said, ‘The brilliant interim results for 1H2023 demonstrated our Group’s outstanding operation capabilities under the challenging macroeconomic environment. Going forward, the Group’s order backlog continues to reflect a strong demand for our products, driven by an increasing emphasis on health consciousness, digital transformation, automation solutions, and energy efficiency. In line with this, we will invest in new technologies to enhance production efficiency and capabilities in the factories in both PRC and Thailand. We also plan to further expand our production capabilities in Thailand to meet the growing customer demand. Regarding the market potential, we have been diligently working on the production of electro-mechanical components and power supplies for solar and wind power equipment. In times of thriving demand for electric vehicles, we have developed electric vehicle chargers under our own brand name, Deltrix. Looking ahead, we aim to strengthen our position further and capitalise on the growing demand in the industry through exploring new business opportunities in the new energy-related market.’
About Trio Group
Trio Industrial Electronics Group is a manufacturer and distributor of advanced industrial electronic components and products in Hong Kong with nearly 40 years of industry experience. It is also the first Hong Kong-based industrial electronic company awarded with the Industry 4.0 maturity certificate – Industry 4.01i level. The Group’s major products include smart chargers, electro-mechanical product and switch-mode power supplies, which are widely used in smart city systems, medical and healthcare sector, as well as renewable energy field. The Group has built up a good reputation and become a trusted supplier to various international well-known brands. The majority of its clients are from Europe and the US while some from Southeast Asia and PRC. In addition, the Group and its partner have developed their own EV charger solution – Deltrix since 2017, which has been launched in the European market in response to the global efforts to develop smart economies.
This press release is issued by DLK Advisory Limited on behalf of Trio Industrial Electronics Group Limited.
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30/08/2023 Dissemination of a Financial Press Release, transmitted by EQS News. |