Delta Electronics (Thailand) PCL. Highlights Strong Performance, Growth, and Sustainability Achievements in 2023

Bangkok, Thailand, December 25, 2023 -- Delta Electronics (Thailand) PCL., a global leader in power and thermal management solutions, provides a comprehensive overview of its performance, growth projections, and commitment to sustainability at the end of 2023.

Early in 2023, Delta conveyed a cautiously optimistic signal about technology spending in an uncertain global economy. The company anticipated moderate but robust growth, particularly in datacenter-related products. The significant growth in 2023 has been notable for EV power electronics, supported by added capacity and a push for backlog delivery. Cumulative financial performance over the first nine months of 2023 has surpassed expectations, beating market consensus.

In the first nine months of 2023, total revenue amounted to 109 billion baht, resulting in a net profit of 13.7 billion baht. Despite a softened macro-outlook, Delta Electronics Thailand maintains growth momentum, achieving record-high financial results. Capacity expansion across Thailand, India, and Europe, along with smart manufacturing implementation, underscores the company's commitment to strategic growth. Delta has also made significant inroads toward becoming an integrated solution provider for Southeast Asian regional markets.

Towards the end of 2023, signs of softness in demand have emerged, with near-term visibility limited due to highly unstable market conditions. However, Delta remains cautiously optimistic, projecting a double-digit growth pace in its budget plan for 2024. Growth drivers include new opportunities in AI, high-performance computing solutions, and energy infrastructure aligned with global trends in electrification, e-mobility, and green energy. Recent investments in production capacity expansion in Hungary and Wellgrow Industrial Estate in Chachoengsao Province further contribute to the company's positive baseline forecasts.

With regard to the outlook for the global electronics industry, Delta sees its key role in sustainability and future technology, aligning with global mega-trends such as electrification, renewable energy, and e-mobility. The company's core competencies in power conversion and management, underpin its global leadership in power supply and electronics, position it favorably amid the global shift to electrification and e-mobility. Delta's strategy of investing in new technologies and diversifying its business and product/solution portfolio ensures readiness to capitalize on both global megatrends and emerging trends like AI and digitalization.

Mr. Chang Tsai-hsing (Jackie), Delta Electronics Thailand President, said, “Every year Delta faces unique market challenges as does any major corporation. Yet guided by our steadfast commitment to a sustainable growth strategy and fueled by the unwavering dedication of our highly motivated employees, we’ve overcome the hurdles again and again. Therefore, I am confident this resilience will persist in the years ahead.”

Earlier this year, Delta Electronics Thailand proudly announced its recognition as the "Most Outstanding Company in Thailand – Technology Hardware & Equipment Sector" in the highly regarded 2023 Asiamoney Asia’s Outstanding Companies Poll. The recognition acknowledges Delta's excellence in financial performance, management team, investor relations, and CSR activities. The poll, featuring participation from 1,225 fund managers, analysts, bankers, and ratings agencies across 13 markets in Asia, recognized 194 companies as the most outstanding in their sectors and markets.

In addition to its financial achievements, Delta Electronics Thailand qualified for the Dow Jones Sustainability Indices (DJSI) 2023 for the third consecutive year. Delta remains the only Thailand company in the "ITC Electronic Equipment, Instruments & Components" industry segment in the 2023 DJSI index and is listed in the DJSI World lists. Delta's numerous energy-efficiency projects align with the RE100 target of achieving 100% renewable electricity in global operations by 2030. The company actively collaborates with partners to drive talent development and enhance corporate governance in Thailand. Delta's inclusion in the DJSI underscores its globally recognized ESG leadership role in Thailand and the region.

Delta Electronics Thailand remains committed to sustainable growth, ESG performance, and continued excellence in the global electronics industry.

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