PC Partner Group (PCT) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 10.0% YoY to HK$10,081.9m; profit attributable to owners increased to HK$262.1m from HK$60.8m, supported by stronger VGA Card sales and improved gross margin.

• Strategic expansion included a Singapore headquarters, a new Batam manufacturing facility and a secondary listing on SGX-ST in November 2024.

Financial highlights

• Gross profit increased 36.4% to HK$955.5m; gross margin improved to 9.5% from 7.6%.

• Profit before tax was HK$311.5m versus HK$88.1m; consolidated profit was HK$260.7m versus HK$59.9m.

• Other revenue and gains rose to HK$51.0m from HK$30.8m, including HK$8.0m gain on joint-venture disposal and HK$63.8m interest income; net exchange losses were HK$30.3m.

• Finance costs fell 37.9% to HK$36.8m, mainly due to lower bank borrowings and greater use of cash for procurement and operations.

• Administrative expenses increased 20.1% to HK$532.0m, including higher staff bonuses and directors’ profit sharing, and Singapore listing-related professional fees.

Outlook and guidance

• Blackwell gaming GPUs launched in January 2025; expected demand is driven by performance and features for gamers and content creators.

• The Batam facility enables production-plan changes for U.S.-market products in response to additional U.S. tariffs on China imports effective 4 February 2025.

• Product development priorities include handheld PCs, medical-grade computers and GPU servers for AI and machine-learning applications, alongside continued innovation and operational-efficiency investment.