Merry Electronics (2439) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024 was NT$18,647.7 million, up 20% year-over-year from NT$15,487.2 million.

• Net profit attributable to owners for the six months was NT$856.7 million, a 105% increase from NT$418.6 million year-over-year.

• Operating profit for the six months was NT$1,814.2 million, up from NT$588.4 million in the prior year period.

Financial highlights

• Gross margin for the six months was 13%, consistent with the prior year.

• Basic EPS for the six months was NT$3.94, up from NT$1.96 year-over-year; diluted EPS was NT$3.51, up from NT$1.77.

• Cash and cash equivalents increased to NT$8,838.1 million as of June 30, 2024, from NT$5,711.8 million a year earlier.

• Total assets grew to NT$36,883.4 million, up from NT$29,155.1 million as of June 30, 2023.

• Total liabilities rose to NT$21,254.7 million, up from NT$16,714.5 million year-over-year.

Outlook and guidance

• Management expects continued growth, supported by strong demand in core product lines and expansion in overseas markets.

• The company is monitoring the impact of new tax regulations (Pillar Two) in Hong Kong and Thailand, with no immediate risk but ongoing assessment.