SICT Reports a 5-Fold Increase in 1Q Profit at ฿15M from Soaring Sales Revenue

Silicon Craft Technology Public Company Limited (SICT) has reported its 1Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

SICT reported a soaring profit in 1Q20 at 15.5 million baht, increased 553% from a net profit of 2.3 million baht in 1Q19.

For the quarter of the period ending on 31 March 2020 and 31 March 2019, the company had Sales Revenue at 95.21 million baht and 72.85 million baht, respectively. Accordingly, there was a 30.70% growth in Sales Revenue year on year. The growth was mainly contributed by a rise in Revenue from microchips for the Spare Car Immobilizer business which was reflected in the revenue proportion that is similar to that of the year 2018.

The improvement was a result of an ease in business outlook after being affected by the US-China trade war as well as some customers requesting shipments destined for the second quarter to be shipped earlier. These actions are part of the customers efforts to keep stock as a preemptive measure to possible disruption in air freight due to COVID-19 crisis.

 

Total assets of SICT as of March 31, 2020  and as of the ending of 2019 were 302.06 million baht and 257.51 million Baht, respectively. At the end of the first quarter of 2020, the total assets of the company increased to 302.06 million baht, mainly due to the recording of the usage rights of the assets equal to 16.46 million baht according to the Accounting Standard TFRS 16, lease agreements.

Moreover, there is an increase in account receivables due to an increase in credit limits for some customers in order to prepare sufficient stock for distribution in the event that air transportation is disrupted due to the epidemic of the Covid-19 virus.

 

The company’s total liabilities as of March 31, 2020  and as of the end of 2019 equaled 83.99 million Baht and 55.46 million Baht, respectively. SICT has a short-term loan with one financial institute. As at the end of 2019 and during the three month period ended March 31, 2020, the company has trust receipt to be used as working capital for buying raw materials amounted to 4.17 million Baht and 13.84 million Baht, respectively. SICT’s trade account payables were 10.76 million Baht, and 14.17 million Baht in 2019 and Q1/2020, respectively. Trade accounts payable are caused by raw materials that the company has purchased for normal production plans.