Asia Pacific Wire & Cable Corporation Limited Reports Second Quarter 2024 Financial Results

TAIPEI, Taiwan, Aug. 26, 2024 (GLOBE NEWSWIRE) — Asia Pacific Wire & Cable Corporation Limited (NASDAQ: APWC) (“APWC” or the “Company”), a leading manufacturer of wire and cable products for the telecommunications and electrical industries in the Asia Pacific region, today announced the Company’s financial results for the six months ended June 30, 2024. Unless otherwise stated, all data is reported in U.S. dollars at the exchange rate in effect on the date of the event or result reported.

Revenue for the six months ended June 30, 2024 was $214.3 million, an increase of 10.8% from $193.5 million for the six months ended June 30, 2023. The increase was attributable to increases in revenue in the Company’s Thailand, North Asia and Rest of World (“ROW”) regions. Net revenue in the Company’s Thailand region increased 14.0%, primarily driven by higher sales of power cables and fabrication services, fueled by economic expansion and government efforts in infrastructure development, utilities and the deployment of renewable energy, particularly solar. Revenue in the Company’s North Asia region increased 12.5% ​​due to various reasons, including an increase in copper prices, growth in new customers and the start of production of rectangular wire. Although the sales volume of rectangular wires was not large, their prices were relatively higher. The company’s ROW region revenue increased 7.5%. The main driver of this growth was increased sales of power cables, fueled by increased demand in Singapore in 2024. The company’s North Asia region includes China, Hong Kong and Taiwan; the Thailand region consists of operations and sales within Thailand; the ROW region includes Singapore, Australia and the other markets where APWC has operations or sales outside the Thailand region and the North Asia region.