Synergy House Berhad (Synergy House), a cross-border e-commerce seller and furniture exporter of ready-to-assemble (RTA) home furniture, reported a 30% rise profit after tax (PAT) of RM8.1 million for 3Q FY2023 from RM6.19 million in the previous quarter.
In a statement, it said its revenue of RM69.2 million was also RM58.57 million, marking a significant increase for both PAT and revenue QoQ.
“This exceptional performance for the current quarter is largely attributed to the group’s business-to-consumer (B2C) sector’s improved margins, along with the strong growth in its business-to-business (B2B) operations,” it said today (Nov 23).
The group’s diverse global reach was highlighted in its regional revenue contributions, led by United Stated with RM30.9 million, followed by United Kingdom with RM27.6 million, while the United Arab Emirates (UAE) contributed RM8.6 million.
For the 9-month period ending 30 September 2023 (9M23), the group reported a total revenue of RM179.4 million and a PAT of RM16.9 million, surpassing the PAT of RM16.6 million recorded previously.
“The B2C segment was particularly significant, contributing RM77.1 million for 9M23, surpassing the total B2C revenue of RM49.6 million recorded in the previous year. This underscores the success of our targeted focus on and investment in the B2C sector,” the group said.
Its executive director Tan Eu Tah said the current quarter’s extraordinary results are a clear indicator of the effectiveness of our strategies, particularly in the B2C segment.
“Notably, our geographical diversification of our B2C segment to UK started to provide positive outcome with an impressive QoQ growth of approximately 95%, with revenue reaching RM2.1 million in the third quarter of FY2023.
“This reinforces our position as a key player in this significant market. Our focused approach in expanding our online presence and enhancing customer engagement has paid off, leading to remarkable growth in both our B2B and B2C segments.
“We are thrilled with the progress and are committed to continuing our journey towards becoming a dominant force in the global furniture e-commerce market,” Tan added.
Executive director Teh Yee Luen added: “The growth in our B2C segment, especially, represents our commitment to meeting consumer demands and adapting to market trends.”
