Hong Kong-based PC Partner Group posted 28.5% higher revenue yo-y of nearly HK$6.36 billion ($1.05 billion) in 1HFY2025 ended June 30, and attributable profit of HK$250.4 million in the same period, 29% higher y-o-y.
Earnings per share rose to HK$0.645 in 1HFY2025 from HK$0.50 this time last year. The increase in profit was mainly due to an increase in sales revenue 1HFY2025.
The board has declared an interim dividend of HK$0.25 per share for the period ended June 30, up from HK$0.20 per share this time last year.
The company began trading on the Singapore Exchange (SGX) in November 2024 following a secondary listing here. In its 1HFY2025 results, released Aug 19, the company says it has obtained approval for primary listing status on the SGX and will proceed to delist from the Stock Exchange of Hong Kong “within this year”.
PC Partner makes video graphics cards and provides electronic manufacturing services (EMS). In its latest financial results, the company says it “relies heavily” on Nvidia “for the provision of reliable sources of GPUs”, or graphics processing units. Nvidia has been its largest supplier of GPUs since 2006.
On cost of sales, PC Partner’s raw material costs increased by 29.3% y-o-y to HK$5.54 billion in 1HFY2025 in line with the sales increase.
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Raw material costs as a percentage of sales increased by 0.5 percentage points y-o-y to 87.1% in 1HFY2025.
Gross profit margin fell to 10.5% in 1HFY2025 from 11.3% this time last year. PC Partner attributes this to a higher cost to revenue ratio of the new RTX 50 series VGA Cards “as the material costs were higher in the current new RTX 50 series”.
The company also blamed a decline in sales of products with a high profit margin under both the EMS and the other PC-related products and components segments.
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PC Partner’s total current assets increased by 23.8% y-o-y to HK$5.25 billion as at June 30, while non-current assets fell by 4.3% y-o-y to HK$776.3 million over the same period.
Net cash from operating activities was HK$670.3 million in 1HFY2025, which was higher than HK$558.5 million in 1HFY2024.
As at 10.29am, shares in PC Partner are trading 5 cents lower, or 3.91% down, at $1.23. Its shares have risen 36% year to date.
