SINBON Electronics : after-tax net profit for last three quarters is NT$1.884287 billion with EPS of NT$8.09

According to the accumulated financial report of SINBON (TSEC#:3023), its consolidated sales revenue year to date is NT$19.061 billion which is a growth of 21.64% over the same period of previous year at NT$15.670 billion. The consolidated gross profit rate is 25.77% which decreased by 0.18% over the previous year at 25.95%. The consolidated net profit is NT$2.313 billion which is a growth of 13.60% over the 2020 profit of NT$2.036 billion. The net profit after tax is NT$1.884 billion and it is a growth of 13.79% over the same period of last year at NT$1.656 billion. The EPS after tax is NT$8.09, which is a company record high since it was established.

SINBON has reported that the consolidated sales revenue for the third quarter is NT$6.679 billion which increased by 4.53% and 13.24% over the previous quarter at NT$6.390 billion and the same period in 2020 at NT$5.898 billion. The consolidated gross profit rate for the third quarter is 25.50%, which is a decrease of 0.29% over previous quarter at 25.79%. Moreover, it is a decrease of 0.33% over the same period in 2020 at 25.83%. The consolidated net profit is NT$778 million which is higher by 0.49% over previous quarter at NT$774 million and it is a decrease of 3.65% over the same period last year at NT$807 million. The consolidated net profit after tax is NT$661 million which is an increase of 3.78% over the previous quarter at NT$637 million and it is an increase of 6.53% over last year at NT$621 million. The quarterly EPS after tax is NT$2.83 and it is another record high for both quarterly net profit after tax and EPS in the company history.

According to SINBON, both the consolidated sales revenue and consolidated net profit before tax for the third quarter are higher by 4.53% and 0.43% over previous quarter, while net profit after tax was grown by 0.43%. This is due to, (1) the gross profit of the consumer products decreased by 1.12% compared with the second quarter, resulting in a decrease of 0.29% in the consolidated gross profit over the second quarter; (2) in June, both salary adjustment and transportation costs increased, resulting in a 5.86% increase in consolidated operating expenses over the second quarter. The consolidated sales revenue in the third quarter increased by 13.24% over the same period last year, while the net profit after tax increased by 6.53% over last year. The reasons are, (1) the gross profit of the wind power industry decreased by 1.90% compared with the same period last year and the appreciation of New Taiwan dollar and RMB resulted in a decrease of 0.33% over the same period last year; (2) significant increase in transportation costs, business development costs, and staff expansion, resulting in an increase of 1.71% in operating expenses. Over the same period of 2020, the consolidated gross margin for the last three quarters decreased 0.18% while the net profit after tax increased 13.79%. The reasons are, (1) the gross profit of the wind power industry decreased by 0.75% compared with the same period last year. The adverse effects of the appreciation of New Taiwan dollar and RMB and the increase in raw material costs caused the consolidated gross profit to decrease by 0.18% over the same period last year. Consolidated operating expenses due to staff expansion and salary adjustments, transportation and business development expenses increased, operating expense ratio increased by 0.68% compared with the same period last year. SINBON's overall operating performance both in the third quarter and in the first three quarters, despite the unfavorable operating environment such as the sharp increase in exchange rates, transportation costs, and the increase in raw material costs, SINBON still made record highs since the company established.