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SUMEEKO's Subsidiary in Germany Sees Improved Business and Stabilized Gross Profit
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2022-06-08
Alex Chen, president of automotive fastener and component maker SUMEEKO, said the subsidiary MMG is in a growth trajectory after two years of business and generates Q1 profit gain nearing last year's record. SUMEEKO had expected the inflation and price hike caused by Russia-Ukraine war. The company had planned ahead and prepared materials for the amount of orders, and raised the product price. The first-quarter gross profit is expected to stabilize onward into the future. Alex said his main automaker clients include GM, Volkswagen, Mercedes-Benz, Toyota and Tesla. Despite the influence of COVID over the past two years, SUMEEKO's increased one-third of clients and this will reflect in the company's upcoming business performance.
SUMEEKO grossed NTD 667 million in Q1, up 12.5%. The gross profit was 28.54%, up 1.43 percentage points from last year's 27.11%. The operating profit was NTD 51.37 million, up 30%; net profit after tax at NTD 59.33 million, up 121%; EPS at NTD 1.58, up NTD 0.66. The consolidated revenue for the first 4 months was NTD 890 million, up 13%.
On the European market, the company said the virus isn't further expanding. There is no lockdown across the whole region, but there is the impact of Shanghai's lockdown that affects the supply chain and critical components, as well as Russia-Ukraine war that affects export. Therefore, limited supply of components from China has rendered German factories unable to hit 100% production, resulting in undesirable output rate. However, this provides an edge for SUMEEKO because its Germany plant can produce locally and offer support. The European market provides a great potential for this Germany plant. Besides going deeper into the automotive market in Europe, SUMEEKO is tapping into high-value fasteners for agricultural machines and wind power generation, hoping to gain a high market share.
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