KUALA LUMPUR: Synergy House Bhd holds a cautiously optimistic view on the potential of the global furniture e-commerce market and believes it can capitalise on the potential with its strategies.
The company viewed that the current strategies being implemented will contribute to the long-term growth and expansion of its business-to-consumer (B2C) segment.
Synergy House posted a net profit of RM27.15 million in its financial year ended Dec 31, 2023 (FY23). Revenue for the full-year came in at RM270.17 million.
No comparative figures for the preceding year's corresponding quarter were available as this is the fourth interim financial report for the fourth quarter ended Dec 31, 2023 (Q4 2023) announced in compliance with the listing requirements.
Net profit for the quarter under review was RM10.27 million while its revenue stood at RM90.77 million.
The company said in terms of geographical revenue distribution, contributions from the United States led with RM139.2 million, representing 51.52 per cent.
This was followed by the United Kingdom with RM88.5 million, representing 32.75 per cent, while the rest came from emerging markets such as the United Arab Emirates with RM31.2 million (11.55 per cent), Malaysia with RM8.8 million (3.26 per cent ), and Asia with RM2.1 million (0.78 per cent).
The company also commenced its B2C sales in Germany towards the end of the financial year, contributing to its global presence.
The B2C segment contributed RM121.7 million for FY23, representing a 145.37 per cent increase in total B2C revenue of RM49.6 million recorded in FY22.
Meanwhile, the business-to-business revenue rose to RM148.5 million in FY23 from RM144.5 million in FY22, representing a 2.77 per cent increase.
"These results not only reflect our strong market position but also our ability to navigate the complexities of the global e-commerce landscape effectively. Looking ahead, we are excited about our growth prospects.
"Our strategic investments in expanding our B2C segment, enhancing our online presence, and entering new markets are set to further solidify our standing in the industry.
"We remain committed to leveraging our strengths to capitalize on the vast opportunities within the global furniture e-commerce market," said executive director Tan Eu Tah.
The company declared second single-tier interim dividend of 0.6 cent per ordinary share.
