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Synnex results show strong growth

Synnex results show strong growth

Distributor's Asia-Pacific results show strong revenue and profit growth

Broad-based distributor, Synnex, has reported a 44 per cent rise in regional pre-tax profits to $200m.

According to a financial statement, Synnex Technology International, which includes Australia, New Zealand, Taiwan, Hong Kong and China, chalked up a record $7.92 billion in the full-year to December 31, 2009. This represented an increase of 20 per cent year-on-year. Pre-tax profits were also significant higher, rising $139m to $200m over the same period.

IT products revenue was the biggest contributor to the overall result, increasing by 18 per cent to $5.68bn. Telecom product sales grew by 40 per cent to $1.11bn, while integrated circuit components revenue lifted 11 per cent to $1.13bn.

In a statement, Synnex Australia CEO, Kee Ong, said the results reflected its strong position with customers across Asia-Pacific. Locally, he attributed its strong performance to customer service, as well as several new vendor partnerships.

Over the past year, the distributor has brought on a number of significant vendor partners including Samsung, Gateway, Eaton and Oki. Synnex also brought on Hybrid TV and its TiVO product to expand its consumer electronics offering.

In addition, Ong pointed out existing agreements with HP, Brother and Acer were extended in 2009 to cover a broader range of PC products. Synnex has not released local revenue and profit results.

“Despite difficult conditions, Synnex has grown its market share significant in Australia and we look forward to another successful year,” Ong stated.


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