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Trio Industrial Electronics Group's revenue for the six months ended 30 June 2024 amounted to HK$389.2 million; Continue to Develop ‘Greater Asia Sustainable Energy Business Circle’
Trio Industrial Electronics Group's revenue for the six months ended 30 June 2024 amounted to HK$389.2 million; Continue to Develop ‘Greater Asia Sustainable Energy Business Circle’[Hong Kong – 28 August 2024] 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 2024 (“the Period”).During the Period, Europe and North America continued to be the Group’s major markets, contributing 86.2% and 7.8% of total revenue respectively. The major markets faced economic growth slowdowns caused by challenging business conditions, including high interest rates, currency depreciation, and geopolitical tensions. Customers struggled to manage surplus inventories, requiring extended efforts to reduce them amid stagnant end-user sales. Moreover, improvements in supply chain logistics and shorter delivery times encouraged customers to scale back surplus inventory levels, thereby reducing product demand.Consequently, the Group’s revenue for the Period decreased by 31.2% to approximately HK$389.2 million as compared with the corresponding period of 2023. Gross profit decreased by 43.2% year-on-year to approximately HK$67.6 million. Gross profit margin was 17.4% The Group reported a loss of approximately HK$ 25.9 million for the Period.In terms of business development, the Group’s order backlog indicates strong demand for its products, driven by a growing emphasis on health awareness, digital transformation, and the transition to sustainable energy. In addition, the Group strategically allocated additional resources to explore new opportunities in the new energy sector. The Group’s involvement in new energy initiatives included the production of essential electronic components for solar and wind power applications, as well as the development of electric vehicle chargers under our self-owned renowned “Deltrix” brand. Concurrently, in alignment with China’s influential “Belt and Road” initiative, the Group actively expanded its presence in Central Asia, notably inaugurating its first electric vehicle charging station in Almaty, Kazakhstan. The Group has been able to maintain a healthy financial position, with cash and bank balances (including restricted bank deposits) amounted to HK$120.1 million (31 December 2023: HK$77.5 million) and a current ratio at 2.6 times as at 30 June 2024. (31 December 2023: 2.9 times)Mr. Cecil Wong, the Chairman of Trio Industrial Electronics Group Limited said, “Looking forward to the second half of this year, we remain cautiously optimistic about the challenges in the business environment. Meanwhile, we also expect abundant opportunities in Central Asia with the positive development in relation to China’s ‘Belt and Road’ initiative. The Group’s overarching vision is to develop a ‘Greater Asia Sustainable Energy Business Circle’, fostering collaboration and sustainable growth across the region. To achieve this, we extend to establishing a solid presence in Uzbekistan, Hong Kong, and Southeast Asia by providing comprehensive solutions for electric vehicle charging. The Group will also establish more electric vehicle charging stations in Almaty, Kazakhstan. We aim to create an ecosystem that includes electric vehicle charging facilities, advertising services, intelligent e-commerce, car washes and convenience stores at these locations.”Mr. Wong continued, “Additionally, the Group will continue to invest in cutting-edge technologies to enhance production efficiencies and capabilities in its production facilities. Through these focused initiatives, the Group aims to strengthen its market position, harness industry growth, and uphold its dedication to excellence while meeting the diverse needs of its stakeholders.”About Trio GroupTrio 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 Managerskyeshum@triohk.com.hkPR media:DLK Advisorypr@dlkadvisory.comFile: Trio Industrial Electronics Group's revenue for the six months ended 30 June 2024 amounted to HK$389.2 million; Continue to Develop ‘Greater Asia Sustainable Energy Business Circle’28/08/2024 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.comEQS
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