SINGAPORE - Mainboard-listed Serial System said on Tuesday that its net profit rose 52 per cent to US$6.31 million for the fourth quarter ended December 31 from the year-ago period on a 23 per cent rise in revenue to US$267.67 million.
The electronic component distributor said net profit for the full year rose 44 per cent to US$16.09 million as revenue added 27 per cent to US$1.04 billion.
The company said the rise in profit was mainly due to higher sales and benefits from continued cost efficiency and efficient inventory management.
Its earnings per share rose to 0.52 US cent from 0.34 US cent previously.
During 2014, Serial System acquired the entire distribution and trading entity arm of GSH Corporation and a 49 per cent stake in the distribution and trading entity of Achieva.
Said chief executive Derek Goh: "The group intends to focus on the integration of the supply chain and operations of these two acquisitions to improve revenue and economies of scale in line with our three-pronged strategy."
GSH will add the distribution of Intel (semiconductors) and Western Digital (hard disks) to the Group's product lines as well as new distribution offices in Australia, while Achieva will expand the Group's geographical presence into new markets such as Central Asia, Middle East, Cambodia and Bangladesh and offer deeper value proposition in distributing finished lifestyle products.
The company said it will also continue to pursue organic growth of its core electronic components business while exploring opportunities in mergers and acquisitions.
A final dividend of 0.75 Singapore cent has been proposed.