BOE Bounces Back from COVID in Q2 to Finish Strong First Half

Austin, TX USA -

BOE Technologies, Inc (BOE) issued its 2020 Interim Report this week with financial results for the first half of 2020. Revenues, which had declined in Q1 due to the COVID-19 pandemic, bounced back to set a record in Q2. While much of the flat panel display industry has suffered losses before and during the pandemic, BOE posted profits, and the company has posted a profit in every quarter since Q2 2016.

In Q2 2020, BOE recorded a net profit of CNY 569 million (US$80 million) on revenues of CNY 34.99 billion ($4.9 billion); BOE’s record revenues in Q2 eclipsed the company’s all time high from Q3 2019 by 14%. Revenues were up 33% Q/Q and 18% Y/Y, and revenues for the first half of 2020 were up 11% compared to the same period in 2019. Net profit for the first half was CNY 1.136 billion ($161 million), a 32% decline from 1H 2019, but the largest part of the Y/Y decline was in Q1; Q2 net profit was down 8% Y/Y. BOE noted that Q2 net profit after deducting non-recurring gains and losses was CNY 326 million ($46 million), an increase of 9% Y/Y.

BOE’s gross margin, operating margin, and EBITDA margin all improved from Q1, and have shown steady improvement since Q3 2019, as shown in the chart here.

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