Synergy House Berhad (Synergy House) recorded revenue of RM58.6 million and profit before tax (PBT) of RM8.5 million for the 2Q FY2023.
The cross-border e-commerce seller and furniture exporter of ready-to-assemble (RTA) home furniture, revealed today (Aug 24) a robust financial performance for the second quarter ended 30 June 2023 (“2Q FY2023”) and quarter-on-quarter growth, driven by higher revenue contributions from the B2B segment markets such as the United Arab Emirates, United Kingdom, as well as the B2C segment in the United States of America and United Kingdom.
The Group’s PBT increased by approximately RM4.9 million or 139.79% from the preceding financial quarter ended 31 March 2023.
Synergy House’s revenue is derived from its business-to-business (B2B) and business-to-consumer (B2C) market segments. For the 2QFY2023, the B2B segment accounted for RM32.1 million or approximately 54.78%, while the B2C segment contributed RM26.5 million or approximately 45.22% of the Group’s total revenue.
For the first half of FY2023, the Group achieved a total revenue of RM50.7 million in the B2C segment, which has already exceeded the total revenue generated from the B2C segment for its entire prior year, FY2022 of RM49.6 million. This is a testament towards the Group’s strategy to focus on the B2C segment which has huge potential.
Executive Director of Synergy House Tan Eu Tah (pic) said, “We are extremely pleased with this quarter’s results. We see the 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.”
Executive Director of Synergy House Teh Yee Luen said, “These results reflect our hard work and strategic alignment to grow our B2C segment. Our continuous design and development efforts will further enhance our home furniture range. We are cautiously optimistic about the global furniture e-commerce market, and with our strategies, we will capitalise on its potential to increase our market share. Despite global economic challenges, our affordable pricing and established presence will ensure stable growth for the Group.”
With their strategic focus, Synergy House is poised to capitalise on the potential of the global e-commerce furniture market and increase its market share, especially in markets like the USA, United Kingdom and Canada.
