Cowell e (1415) H1 2024 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2024 rose 59.8% year-over-year to $585.9 million, driven by increased customer orders.

• Net profit for the period was $16.6 million, slightly down from $17.5 million in the prior year period; net profit attributable to equity shareholders was $16.0 million, down from $18.0 million.

• The business maintained stability and growth despite a sluggish global economic recovery, focusing on product innovation and supply chain optimization.

Financial highlights

• Gross profit increased to $71.5 million from $50.9 million year-over-year.

• Operating profit was $25.5 million, up from $22.4 million in the prior year.

• Basic earnings per share were $0.019, compared to $0.021 a year earlier.

• Total assets as of 30 June 2024 were $1,013.2 million, up from $943.3 million at year-end 2023.

• Net cash and cash equivalents stood at $182.1 million.

Outlook and guidance

• Management remains optimistic about opportunities in AI, AR/VR, smart driving, and LiDAR, but is cautious due to macroeconomic uncertainties and high interest rates.

• AI integration with AR/VR and LiDAR is expected to drive future growth and diversification.

• The company will continue investing in R&D, talent, and process automation to maintain technological leadership.

• No interim dividend was declared to preserve resources for future growth and investment.