DJ Trio Group (1710.HK) Announces 2023 Interim Results: Revenue Surged by 35.6% to HKUSD565.9 million, Profit attributable to the owners of the company HKUSD21.7 million
EQS Newswire / 30/08/2023 / 11:20 UTC+8
?For Immediate release?
Trio Industrial Electronics Group Limited
Announces 2023 Interim Results
Revenue Surged by 35.6% to HKUSD565.9 million
Profit attributable to the owners of the company HKUSD21.7 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 HKUSD565.9 million. Gross
profit increased further by 63.0% year-on-year to HKUSD119.0 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 HKUSD21.7
million for the six months ended 30 June 2023, as compared with USD0.9 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 HKUSD148.4 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 HKUSD179.3 million (1H2022: HKUSD38.8 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 HKUSD73.7 million (31 December 2022: HKUSD79.0 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.'
-- End -
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.
For more details, please contact:
Skye Shum - IR Manager
skyeshum@triohk.com.hk
PR media:
DLK Advisory
pr@dlkadvisory.com
30/08/2023 Dissemination of a Financial Press Release, transmitted by EQS News.
The issuer is solely responsible for the content of this announcement.
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(END) Dow Jones Newswires
August 29, 2023 23:20 ET (03:20 GMT)
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