SINBON Electronics : after-tax net profit for last three quarters is NT$2.2283160 billion with EPS of NT$9.71

According to the accumulated financial report of SINBON (TSEC#:3023), its consolidated sales revenue year to date is NT$22.571 billion which is a growth of 18.41% over the same period of previous year at NT$19.061 billion. The consolidated gross profit rate is 25.53% which decreased by 0.24% over the previous year at 25.77%. The consolidated net profit is NT$2.537 billion which is a growth of 9.70% over the 2021 profit of NT$2.313 billion. The net profit after tax is NT$2.283 billion and it is a growth of 21.17% over the same period of last year at NT$1.884 billion. The EPS after tax is NT$9.71. Both net profit after tax and EPS after tax are the company record highs since it was established.

SINBON has reported that the consolidated sales revenue for the third quarter is NT$8.132 billion which increased by 8.76% and 21.74% over the previous quarter at NT$7.477 billion and the same period in 2021 at NT$6.679 billion. The consolidated gross profit rate for the third quarter is 25.30%, which is a decrease of 0.31% over previous quarter at 25.61%. Moreover, it is a decrease of 0.20% over the same period in 2021 at 25.50%. The consolidated net profit is NT$895 million which is higher by 2.29% over previous quarter at NT$875 million and it is an increase of 15.16% over the same period last year at NT$778 million. The consolidated net profit after tax is NT$845 million which is an increase of 11.39% over the previous quarter at NT$758 million and it is an increase of 27.74% over last year at NT$661 million. The quarterly EPS after tax is NT$3.58 and it is another record high for both quarterly net profit after tax and EPS in the company history.

According to SINBON, the consolidated gross profit rate for the third quarter is lower by 0.31% over previous quarter, this is due to the increase of 37.36% over previous quarter on sales revenue of cable assemblies in wind-energy industry and the depreciation of foreign currency forces increasing cost on imported connectors. For the consolidated operating expenses, salary adjustment, transportation costs and business developing costs increased, resulting in a 0.39% increase in consolidated operating expenses over the second quarter. The depreciation of NT dollar and RMB, as well as the increasing income from sample designing and making has benefited the non-operating income to increase NT$47.947 million over previous quarter. The net profit after tax in the third quarter increased by 11.39% over the previous quarter and this result surpassed the growth in sales revenue. The consolidated gross profit rates in third quarter and the first three quarters in 2022 have decreased by 0.20% and 0.24%. This is due to the growths in sales revenue in wind-energy cable assemblies over 64.90% and 7.75% and the depreciation in foreign currencies that caused increasing costs in imported connectors, comparing with the same period in 2021. The operating expenses in the third quarter and the first three quarters in 2022 increased by 0.43% and 0.65% over the same period in 2021 are due to the human resource expansion and increasing costs on transportation and business development. The depreciation of NT dollar and RMB, as well as the increasing income from sample designing has benefited the non-operating income to increase NT$179.477 million and NT$390.257 million in third quarter and the first three quarters in 2022. The net profits after tax in the third quarter and the first three quarters 2022 have increased by 27.74% and 21.17% over the same period last year. These growths are much better than the growth in sales revenue. SINBON's overall operating performance both in the third quarter and the first three quarters, SINBON made record highs since the company established.

In addition to the business in typical electric vehicles, electric scooters, and electric assisted bicycles, SINBON's business scope in electrified mobile vehicles has now been extended to the field of electric motorcycling. Damon Motors in Vancouver, Canada on 16th October 2022, has announced a strategic partnership with SINBON, the world leading provider of integrated design and production services for electronic components. Under the terms of the partnership, SINBON will provide premium engineering service both during the design and the manufacturing stages for the electrical assembly used in Damon's line of motorcycles. For Damon Motors' high-performance motorcycles are one-tenth the weight of a typical motorcycle, SINBON's advanced manufacturing techniques will allow Damon to scale its designs in HyperSports with the highest quality capabilities and expertise available. This has enabled Damon to meet its high power and speedy of range goals. Damon can also leverage SINBON's more of its experience to act as a supply chain consultant for Damon for a variety of manufacturing, material readiness and logistics needs. SINBON is aggressively committed to environmental sustainability by helping put more environmentally friendly products on our planet and SINBON sees this cooperation with Damon Motors as part of its "GO Green" campaign. SINBON are very excited about the opportunity with Damon, arguably a green tech leader in the motorcycle industry.