AEM Holdings net profit slumps 95% in H1 2024

Their revenue decreased by 37% to $173.6m. 

AEM Holdings Ltd. net profit attributable to the owners fell 95% YoY to $895k in H1 2024.

Moreover, their net profit for the period crashed by 96% to $822,000 in H1 2024, from $19.7m in H1 2023. 

The group’s revenue decreased by 37% to $173.6m due to weaker demand from its key semiconductor customer for the Test Cell Solutions segment and prolonged inventory digestion in the industrial sector for the Contract Manufacturing segment.

Revenues from the Test Cell Solutions (TCS) segment declined 42.1% YoY, whilst the Contract Manufacturing (CM) segment declined 28.8% YoY. 

Gross profit also declined by 48% YoY to $43.4m. 

Cash and cash equivalents decreased to $79m in H1 2024 from $101.8m. 

The group’s earnings from shares fell to $0.29 cents in H1 2024 from $6.37 in H1 2023.