Trio Industrial Electronics Group Limited Announces 2023 Annual Results
Monday, 15 April 2024 ()
EQS Newswire / 15/04/2024 / 09:00 UTC+8
Trio Industrial Electronics Group Limited
Announces 2023 Annual Results
Revenue Surged 18.6% to HK$1.16 Billion
Profit Attributable to The Owners of The Company was HK$47.1 million
Trio Group Creates a “Greater Asia Renewable Energy Business Circle”
[Hong Kong – 12 April 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 annual results of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2023 ( “FY2023”).
The Group’s revenue for the year ended 31 December 2023 soared by 18.6% year-on-year to HK$1,160.2 million. Gross profit increased further by 7.4% year-on-year to HK$222.7 million and gross profit margin was 19.2%. The Group reported a net profit of HK$47.1 million for FY2023.
Europe and North America continued to be the Group’s major markets during the year, which contributed 89.1% and 7.3% of total revenue respectively. The Group’s sales growth was primarily driven by increased sales of our smart vending systems and switch-mode power supplies in Europe Revenue from smart vending systems increased by 184.3% to HK$407.8 million, accounting for approximately 35.2% of the Group's total revenue. The Group’s other main products, namely, electro-mechanical products, switch-mode power supplies and smart chargers.
In terms of business development, the Group is actively involved in the emerging sectors including electric vehicles, solar power, and wind power. It manufactured components for solar and wind power applications. Furthermore, it developed the esteemed electric vehicle charging solutions under self-developed brand, Deltrix, thereby expanding the business landscape into the electric vehicle charging field in Hong Kong, Macau, and Southeast Asia.
In line with the business development, the Group strategically leased two new buildings adjacent to our existing production base in the PRC, equipped with advanced automation and digitisation equipment which have further enhanced our efficiency. The Group is also expanding our production capabilities with the additional factory building near our existing facility in Thailand, which is scheduled to commence operations in the second quarter of 2024.
The Group has been able to maintain a healthy financial position, with cash and bank balances (including restricted bank deposits) amounted to HK$77.5 million (2022: HK$79.0 million) and a current ratio at 2.9 times as at 31 December 2023. (2022: 2.3 times)
Mr. Cecil Wong, the Chairman of Trio Industrial Electronics Group Limited said, “Trio remains at the forefront of innovation by embracing smart manufacturing practices. Despite the uncertainties that characterised the global economic landscape in 2023, we seized positive business opportunities and achieved revenue growth. Looking ahead, with the global trend of increasing health-consciousness, digital transformation, automation solutions, and energy-efficient technologies, the global demand for power supply is fuelled increased, with notable growth in the European market. In addition, aligning with China’s influential “Belt and Road” initiative, Trio Group is actively pursuing expansion opportunities in Central Asia, such as Kazakhstan, including the partnership with CNPC, the state-owned enterprise in 2024, to actively proceed the electric vehicle charging station project in Kazakhstan. In addition, it established cooperation with another state-owned enterprise, CAMCE , to develop the Olympic City project for the Asian Youth Games in Uzbekistan in 2025. We aim to establish a strong presence in Hong Kong, Macau, and Southeast Asia by offering comprehensive electric vehicle charging solutions. Our goal is to create a “Greater Asia Renewable Energy Business Circle”, fostering collaboration and growth in the regions.”
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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.
For more details, please contact:
Skye Shum - IR Manager
skyeshum@triohk.com.hk
PR media:
DLK Advisory
pr@dlkadvisory.com
File: Trio Industrial Electronics Group Limited Announces 2023 Annual Results
15/04/2024 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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