- Delfi (SGX:P34) reported its 1H23 results, with revenue up 16.2% and net profit up 30.1% y-o-y to US$286.2m and US$25.2m, respectively. Top-line growth was boosted by stronger growth of 21.5% in regional market sales, while Indonesia sales grew by 13.7%.
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Y-o-y growth in 2Q23 slowed considerably compared to the jump seen in 1Q23.
- Delfi's 2Q23 revenue and EBITDA y-o-y growth of 10.7% and 3.1% is a significant slowdown from 1Q23 revenue and EBITDA y-o-y growth of 20.8% and 24.5%, respectively. This was mostly due to consumer demand being front end to 1Q23, given the earlier Lebaran celebration this year (late April versus early May last year).
Gross margin in 1H23 expanded 0.6% pt y-o-y, but EBITDA margin remained flat.
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- Higher selling and distribution costs as % of sales was offset by lower administrative expenses as % of sales in 1H23 vs 1H22.
Inventory saw a slight dip to US$98m in 2Q23 from US$102m in 1Q23.
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