Delta Electronics (Thailand) (DELTA) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 reached USD 4.6 billion (THB 164.7–166.7 billion), up 12–12.5% year-over-year, with net profit at USD 529 million (THB 18.9 billion), a 1–2.8% increase from 2023.

• Gross profit rose 20.9–25% year-over-year, but Q4 saw a dip in revenue and profitability due to market softness, currency fluctuations, and higher expenditures.

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

• The company celebrated its 35th anniversary, expanded R&D and manufacturing, and ranked 13th among Thailand's most valuable brands.

• Consolidated financial statements for 2024 were audited and present fairly in accordance with Thai Financial Reporting Standards.

Financial highlights

• Q4 2024 revenue was THB 41.75–41,757.5 million, up 10.6% year-over-year but slightly down from Q3.

• Full-year revenue was THB 164.7–166.7 billion, up 12.5% from 2023; gross profit for the year was THB 40.5 billion (24.6% margin), up 20.9%.

• Operating profit margin for the year was 10.8%, with net profit at THB 18.9 billion (11.5% margin).

• Basic earnings per share increased to THB 1.52; cash and cash equivalents rose to THB 15.7 billion.

• Dividend of THB 0.45 per share was paid for 2023; proposed dividend for 2024 is THB 0.46 per share.

Outlook and guidance

• 2025 is expected to see continued growth, driven by AI infrastructure, data center, and stable EV business.

• Strategic priorities include double-digit growth, AI-driven product expansion, manufacturing and R&D enhancement, and regional expansion in Vietnam and Malaysia.

• The Group is assessing the impact of Thailand's new top-up tax legislation effective 2025 and has engaged tax specialists.

• Continued focus on sustainability, aiming for RE100 by 2030 and strengthening university collaborations.

• Management expects continued growth in core segments and is expanding R&D and manufacturing capacity.