On August 26, IPE Group (00929.HK) announced its interim performance. For the six months ended June 30, 2024, the sales revenue reached 0.502 billion Hong Kong dollars, compared to 0.42 billion Hong Kong dollars in the same period last year, an increase of 82.388 million Hong Kong dollars or 19.6%. After acquiring three companies last year, there was a positive improvement in the hydraulic equipment auto parts business, leading to a significant increase in sales revenue. Especially in the sales revenue of hydraulic equipment auto parts, there was a 71.634 million Hong Kong dollars or 39.8% growth in the first half of this year. Additionally, the orders for auto parts business rebounded, despite a decrease in sales revenue for electric appliance parts compared to the same period last year. With the overall increase in sales revenue and the synergies generated in the acquisitions, it helps to improve the gross margin level. The gross margin for the first half of 2024 reached 0.137 billion Hong Kong dollars, an increase of 40.976 million Hong Kong dollars or 42.5% compared to the same period last year. The gross margin rate increased from 23.0% in the same period last year to 27.4% in the first half of this year; a 4.4% increase in gross margin rate.
For the period ended June 30, 2024, the group reported unaudited net profit of 12.688 million Hong Kong dollars, compared to 8.231 million Hong Kong dollars in the same period last year, an increase of 4.457 million Hong Kong dollars or 54.1%.