Synnex Achieved Record High Revenue and Profit in Q1: Earns NT$ 2.2 Billion, EPS at NT$ 1.32

Synnex(2347) released its first-quarter financial results, with revenues reaching NT$103.8 billion, marking a historical high for the same period and a 17% year-on-year increase. The after-tax net profit soared to NT$2.2 billion, a remarkable 27% increase and the highest in the most recent five quarters, translating to earnings per share of NT$1.32.


Driven by robust performance in the Semiconductor and Telecom sectors, Synnex achieved record-high revenues of NT$103.8 billion in the first quarter, representing a 17% year-on-year increase. Semiconductor revenues neared NT$50 billion, climbing by an impressive 56%, buoyed by optimistic future manufacturing demands and successful business expansions. Meanwhile, the Telecom sector thrived on the popularity of AI smartphones and new product launches, experiencing a 41% growth and hitting a six-year revenue peak, particularly with significant growth seen in the Indonesian and Hong Kong markets.


In terms of profitability, significant revenue growth, coupled with streamlined management and efficiencies, led Synnex to achieve record-high gross profit and operating income of NT$4.4 billion and NT$2.3 billion, respectively, representing a 3% and 13% increase for the same period. Investment income surged by 20%, primarily due to stellar performance of Joint Venture in markets such as India, the Middle East, and Africa. Additionally, despite the delayed interest rate cuts in the market, interest expenses decreased significantly compared to the same period last year due to prudent inventory management and effective fund allocation. With simultaneous growth in operating income and non-operating income, the after-tax net profit reached a new high in the recent five quarters, reaching NT$2.2 billion, representing a substantial 27% increase, with earnings per share of NT$1.32.