Sydney, Dec 29: Synergy House Berhad, a key player in the cross-border e-commerce and ready-to-assemble (RTA) home furniture export market, announced a significant milestone for its financial year ending Dec 31.
The company declared a first single-tier interim dividend of one sen per ordinary share, showcasing its financial robustness and dedication to rewarding its shareholders.
This declaration is backed by Synergy House’s impressive financial results, with a total revenue of RM179.4 million and a profit before tax (PBT) of RM23.4 million for the first nine months ending 30 September 2023.
Notably, the third quarter alone brought in RM69.2 million in revenue and RM11.4 million in PBT, reflecting the company’s success in both B2C and B2B segments, especially in major markets like the USA and UK.
To facilitate this dividend, Synergy House’s securities will be traded ex-dividend from Jan 11 , with a lodgement deadline set for Jan 12, and the dividend payable by Jan 31.
Tan Eu Tah, Executive Director of Synergy House, emphasized the dividend as a manifestation of their commitment to delivering shareholder value, fueled by their strong financial standing and confidence in the global e-commerce market’s sustainable growth.
The company has seen significant growth in the e-commerce furniture sector. For the 9 months ending 30 September 2023, its B2C revenue reached RM77.1 million, surpassing the total B2C revenue of RM49.6 million for the entire previous financial year.
Teh Yee Luen, another Executive Director of Synergy House, expressed pride in the dividend announcement, viewing it as a token of gratitude for shareholder trust and support.
The company’s performance, especially in the B2C segment, underscores its effective strategies and adaptability in a dynamic market.
Synergy House’s first single-tier interim dividend for FY2023 is a testament to its solid financial performance and promising future outlook.
The company’s focus on maximizing shareholder value and strategic growth in the global e-commerce furniture market signals its potential for ongoing success.
As of today, Synergy House’s share price stands at RM0.710, translating to a market capitalization of RM335 million.
This marks a significant increase of approximately 65.12 per cent from its IPO price of RM0.43 and a doubling from the closing price on the IPO’s first day.
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