SUGA net profit surges 186.1% to $79.3m amidst COVID

The group’s electronic products segment recorded a 24.3% increase to $1.69b.

Electronics solutions provider SUGA International Holdings Limited recorded a 186.1% year-on-year profit increase to $79.3m in the year ended March 2021.

The Group attributed this to a rise in revenue and production capacity in Vietnam as well as other cost control measures.

“The pandemic has also given rise of the ‘stay-at-home economy’ and fueled online shopping, and companies responsive, highly adaptable, and well-prepared were able to stand out among its peers,” C H Ng, Chairman of SUGA, said.

“We have a diversified product portfolio, and have insisted on developing new products and deploying our production base in Vietnam amid the pandemic, as such have been able to seize new opportunities stemming out of COVID-19.”

Its electronic products segment continued to be its main source of revenue. Accounting for 80.7% of its total sales, it contributed some $1.69b during the year, up 24.3% YoY.

Meanwhile, its pet business accounted for 19.3% of its total revenue, contributing some $406.2m. This showed a 62% increase compared to the previous year.

For this year, the Group will continue to diversify its products as well as grow its R&D team to develop more products with strong demand potential.

It will also focus on expanding in China to capture opportunities from its inner circulation policy.