Synergy House executive director Teh Yee Luen
KUALA LUMPUR: Synergy House Bhd
is cautiously optimistic about the global furniture e-commerce market and intends to leverage its strategies to expand market share, according to executive director Teh Yee Luen.
“Despite global economic challenges, our affordable pricing and established presence will ensure stable growth for the group,” he said in a statement.
The cross-border e-commerce seller and furniture exporter of ready-to-assemble home furniture posted a net profit of RM6.2mil, or earnings per share of 1.24 sen on revenue of RM58.6mil in the second quarter ended June 30.
In the first half (1H23), Synergy House posted a net profit of MR8.8mil on revenue of RM110.1mil.
For the 2Q23, its business-to-business (B2B) segment accounted for RM32.1mil or approximately 54.78%, while the business-to-consumer (B2C) segment contributed RM26.5mil or approximately 45.22% of the group’s total revenue.
For 1H23, its registered a total revenue of RM50.7mil in the B2C segment, which has already exceeded the total revenue generated from the B2C segment for its entire prior year, FY22 of RM49.6mil.
Executive director Tan Eu Tah said the group sees huge potential as a cross-border e-commerce seller and the growth in the B2C segment as justified by the recent results proves that the group is in the right direction and trajectory.
“With our new markets as well as investing in advertising and promoting our brand, we are confident in maximising our market reach and revenue in the future. The American market is the largest contributor to our revenue, with B2C sales accounting for the majority of the USA sales during the current financial quarter.
“We are committed to harnessing the opportunities presented by B2C furniture e-commerce, particularly in well-established markets and platforms,” Tan said.
Synergy was listed on the ACE Market of Bursa Malaysia on June 1.
