Sunrex Technology (2387) Q2 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 (113/1/1–6/30) was NT$11,048.7 million, up 8.4% year-over-year; Q2 revenue was NT$6,033.1 million, up 2.9% year-over-year.

• Net income for the first half was NT$594.1 million, up 10.6% year-over-year; Q2 net income was NT$362.6 million, up from a net loss in Q2 2023.

• EPS for the first half was NT$3.07, compared to NT$2.78 year-over-year.

• Gross margin for the first half was 16%, up from 14% year-over-year.

Financial highlights

• Operating income for the first half was NT$874.0 million, up 49.7% year-over-year.

• Q2 operating income was NT$609.3 million, up 46.7% year-over-year.

• Cash and cash equivalents at June 30, 2024, were NT$4,404.6 million.

• Total assets at June 30, 2024, were NT$20,783.7 million; total equity was NT$10,749.7 million.

• Dividend of NT$3.00 per share for 2023 was approved and paid in 2024.

Outlook and guidance

• The board approved a capital increase for Singapore and Vietnam subsidiaries of US$9.6 million post-June 30, 2024.