Hi-P's Q2 profits surged 98% to $15.1m

Catching up to its smartphone and IoT segments, it expands production.

Industrial manufacturing firm Hi-P International (Hi-P)’s profits rose 98% to $15.1m. In a report by DBS Equity Research, revenue also rose 2% to $279.5m, indicating business stability.

Its executive chairman and chief executive officer Yao Hsiao Tung also now owns an 83% stake in the company after acquiring 22% from Molex International in June.

Hi-P also boosted its production and is expected to focus on its Suzhou plant to prepare for new orders from customers.

According to DBS analyst Lee Keng Ling, “To ensure the long-term sustainability of Hi-P, the group has placed succession planning as a top priority and is nurturing talented individuals within the organization. In the near term, Hi-P hopes to reveal the next generation of leadership to lead the group forward.”

The company declared an interim distribution per share (DPS) of 19 cents.