Incap's 1Q24 revenues decreased YoY, as expected
EMS provider Incap recorded revenues amounting to EUR 51.4 million during the first quarter of 2024, a decrease of 29.3% from the same quarter last year. However, compared to the previous quarter, the company's revenues grew 21.1%.
Operating profit (EBIT) during the quarter amounted to EUR 6.0 million, down from EUR 11.3 million during the same quarter in 2023. Net profit for the period was EUR 4.9 million, a YoY decrease of -40.9% from EUR 8.4 million.
"Incap’s year 2024 got off to a great start, as our revenue grew and profitability improved compared to the previous quarter. We are happy to see the continued growth and especially that the factory in India returned to growth as well. We continued to focus on customer acquisition, explored cross-selling possibilities, and participated actively in trade shows," says Otto Pukk, President and CEO of Incap Corporation in a press release.
The CEO continues to say that during the remainder of the year, Incap will keep investing in its factories, focus on new customer acquisition and increasing sales to existing customers.
For 2024, the company estimates that its revenue and operating profit will be lower than in 2023.
The destocking exercise with the company’s largest customer will impact the revenue and profitability in the first half of 2024. However, Incap’s revenue is estimated to grow quarter to quarter starting from the first quarter of 2024, improving results over the year.
