Sigurd Microelectronics (6257) Q2 2024 earnings summary

Executive summary

• Q2 revenue was NT$4,548,589 thousand, up from NT$3,715,734 thousand YoY; net income was NT$860,150 thousand versus NT$638,895 thousand. H1 revenue and net income also increased YoY.

• H1 operating cash flow was NT$3,377,344 thousand; cash and cash equivalents reached NT$11,917,013 thousand at June 30, 2024.

• The interim review conclusion was qualified because certain non-significant subsidiaries’ financial statements had not been reviewed; their assets were 1.49% of consolidated assets at June 30, 2024.

Financial highlights

• Q2 gross profit was NT$1,267,006 thousand, 28% of revenue, versus NT$805,631 thousand, 22%, a year earlier; operating income was NT$857,321 thousand versus NT$433,193 thousand.

• Q2 pretax income was NT$1,074,932 thousand and net income NT$860,150 thousand; H1 pretax income was NT$2,162,941 thousand and net income NT$1,724,242 thousand.

• H1 revenue was NT$8,710,531 thousand versus NT$7,332,778 thousand YoY; gross profit was NT$2,257,717 thousand, 26% of revenue, versus NT$1,541,505 thousand, 21%.

• H1 parent-attributable net income was NT$1,502,278 thousand versus NT$741,497 thousand; basic EPS was NT$3.25 versus NT$1.62, and diluted EPS was NT$3.11 versus NT$1.54.

Segment performance

• H1 packaging and testing generated NT$8,686,412 thousand of external revenue and NT$2,150,637 thousand of segment profit before tax, versus NT$7,316,740 thousand and NT$1,142,537 thousand YoY.

• H1 trading revenue was NT$24,119 thousand and segment profit before tax NT$12,304 thousand, versus NT$16,038 thousand and NT$10,120 thousand YoY.