SICT’s 2Q20 Profit Rockets over 300% to ฿10.75Mn

Silicon Craft Technology Public Company Limited (SICT) has reported its 2Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

SICT reported a net profit of 10.75 million baht, increased from 2.58 million baht in the second quarter of 2019 or an increase of 316.62%. For the quarterly period ending on 30 June 2019 and 30 June 2020, SICT had sales revenue at 74.65 million baht and 74.96 million baht respectively. It increased slightly, only 0.40% compared to the same period of the previous year. As at the end of the second quarter of 2020, the company had received purchase orders expected to deliver within the second quarter of 2021 approximately 135.14 million baht.

 

Cost of goods sold (COGS) for the quarterly period ending on 30 June 2019 and 30 June 2020 were at 46.02 million baht and 44.09 million baht respectively. Compared to sales revenues, COGS were at 61.65% and 58.81% respectively. COGS decreased due to the decreased allowance for obsolete products by 2.55 million baht compared to the same period of last year. The proportion of COGS to sales revenue decreased consistently with the COGS. As a result, the company had a gross profit of 28.63 million baht and 30.87 million baht or equal to 38.35% and 41.19%, respectively.

 

For the quarterly periods ending on 30 June 2019 and 30 June 2020, SICT had selling expenses at 6.70 million baht and 5.65 million baht or 8.98% and 7.53% of total sales revenue, respectively. Selling expenses declined due to the Coronavirus outbreak causing the sales department to entirely adjust international travel plans to online communication with customers instead.

 

While having administrative expenses equal to 21.95 million baht and 18.84 million baht or 29.40% and 25.14% of the total sales revenue, respectively. In the second quarter of 2020, administrative expenses dropped mainly due to in the past there was an extra expense from recording the impact of the Labor Protection Act on additional compensation rates in the event of termination of 1.64 million baht in April 2019.