Delta Electronics (Thailand) (DELTA) H2 2024 earnings summary

Executive summary

• FY2024 revenue reached $4.6B, up 12% YoY; THB revenue totaled 164.73B, up 12.5%.

• FY2024 net profit was THB 18.94B, up 2.8% YoY; Q4 revenue and profitability faced market softness and higher costs.

• Data center and AI-related solutions accounted for ~40% of revenue by year-end; mobility (EV) contributed ~25%.

• ICT and industrial automation grew robustly, while mobility recovery was slower than expected.

• Celebrated its 35th anniversary, expanded R&D and manufacturing, and ranked 13th among Thailand’s most valuable brands.

Financial highlights

• Q4 2024 revenue was THB 41.75B, up 10.6% YoY; FY2024 gross profit was THB 40.50B, up 20.9%, at a 24.6% margin.

• Q4 gross profit was THB 9.38B (22.5% margin), up 1.2% YoY; Q4 operating profit was THB 2.33B (5.6% margin), down 52.5%.

• FY2024 operating profit was THB 17.86B (10.8% margin), down 0.8% YoY; net profit was THB 18.94B (11.5% margin), up 2.8%.

• Q4 net profit was THB 2.16B (5.2% margin), down 54.3% YoY, affected by currency fluctuations and one-off costs.

Outlook and guidance

• 2025 priorities include double-digit growth, AI-driven products, manufacturing and R&D enhancement, talent development, and expansion in Vietnam and Malaysia.

• Q1 2025 was progressing as planned, with strong demand for AI power solutions and moderate EV growth.

• Outlook remains positive for industrial automation, data centers, and EV infrastructure; AI and data center expansion are key growth drivers.

• Sustainability focus includes an RE100 target by 2030 and stronger university collaborations; global trade policy changes are being monitored.