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DLK Advisory Limited
Trio Industrial Electronics Group (1710.hk) Announces 2022 Annual Results – Revenue Surged 31.5% to HK$978.1 million; Profit attributable to the owners of the company HK$45.4 million
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Trio Industrial Electronics Group Limited Announces 2022 Annual Results
Revenue Surged 31.5% to HK$978.1 million Profit attributable to the owners of the company HK$45.4 million Recorded a Strong Turnaround compared to FY2021
[Hong Kong – 28 March 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 annual results of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2022 ( “FY2022”).
The Group’s revenue for the year ended 31 December 2022 soared by 31.5% year-on-year to HK$978.1 million. Gross profit increased further by 48.8% year-on-year to HK$207.3 million. With effective cost control measures taken by the Group, gross profit margin reached 21.2%. The Group reported a profit of HK$45.4 million for FY2022, as compared with a loss of HK$10.6 million for the year ended 31 December 2021 (“FY2021”).
Europe and North America continued to be the Group’s major markets during the year, which contributed 81.8% and 11.6% of total revenue respectively. Revenue generated from other sales regions such as the PRC and South-east Asia reported a noticeable increase in FY2022, which was mainly due to growing product demands driven by the gradual resumption of global economic activities.
The Group also recorded strong growth in all the major products. Most notably, smart vending systems recorded a 104.4% increase in revenue to HK$143.4 million (2021: HK$70.2 million), representing approximately 14.7% of the total revenue of the Group. The Group’s other main products, namely switch-mode power supplies, smart chargers and electro-mechanical products also recorded an increase of 36.7%, 34.5% and 13.9% in revenue contribution compared with FY2021 respectively.
The Group has been able to maintain a healthy financial position, with cash and bank balances (including restricted bank deposits) amounted to HK$79.0 million (2021: HK$68.9 million) and a current ratio at 2.3 times (2021: 2.1 times) as at 31 December 2022.
The Board has declared a final dividend of HK1.2 cents per ordinary share for the year ended 31 December 2022. Annual dividend payout ratio was 44.1%.
Mr. Cecil Wong, the Chairman of Trio Industrial Electronics Group Limited said, ‘I consider the annual results for FY2022 is a satisfactory performance and hopefully all the Group’s stakeholders would be glad to learn of this profit turnaround under such severe environment in last year. Trio Group’s order backlog stays strong which reflected robust demands in our products by our customers. Coping with the great uncertainties in the operating environment, we will continue to avail more resources on business development, technological upgrade, production efficiency and capabilities improvement. We will continue to increase efforts in sales and marketing activities to explore new business opportunities and new markets. We will soon launch two factory buildings alongside the existing production base in the PRC, which will be well-equipped with a high level of automation and digitization and we believe that the new facilities will deliver good contribution to our future business operations.’’
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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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File: Annual Results
28/03/2023 Dissemination of a Financial Press Release, transmitted by EQS News. |