Synnex financial results show profits double

Feb 10, 2010 10:26 AM
Filed under Finance

IT products made up lion's share of growth.

Synnex has reported a record profit increase of 44 percent in the last financial year, recording pre-tax profits of A$200 million.

Revenue for Synnex Technology International, which included Taiwan, Hong Kong, China and ANZ was A$7.92 billion compared to A$6.6 billion in the same time the previous year. Revenue across the group increased by 20 percent. 

The figures represent a record high for Synnex for both annual revenue and profit, according to a statement from the company's local spokesperson.

The company said that A$5.68 billion of the total A$7.92 billion of revenue came from IT products, A$1.11 billion from telecom products and A$1.13 billion from integrated circuit (IC) components.

Revenue from IT products has grown by 18 percent, IC components by 11 percent and telecom products by 40 percent.

Locally, despite difficult economic conditions, Synnex has grown its market share significantly in Australia, said Kee Ong, CEO for Synnex Australia. 

"The 2009 financial results reflect how highly our customers value our service, not only in Australia but in the rest of the Asia Pacific region.

"We signed a number of new and significant partnerships last year and we look forward to working with those customers and our existing clients in 2010."

He added: "We look forward to another successful year."

Synnex Australia signed a number of agreements with vendors including Brother, Eaton, Navigon, Gateway, Hybrid Television Services, Steelseries, Samsung and OKI.

Agreements with companies such as HP and Acer have been extended.

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