PC Partner Group has reported a net profit of HK$545.7 million for the six months ended 30 June 2026, a 118 per cent year-on-year (YoY) jump from HK$252.3 million. Management attributed the surge chiefly to a sharp rise in average selling prices (ASP) for its video graphics cards (VGA), which more than offset lower shipment volumes and component shortages.

Group revenue inched up 1.5 per cent to HK$6.45 billion, while basic and diluted earnings per share climbed to HK$1.406 from HK$0.645 a year earlier. The board has declared an interim cash dividend of S$0.10 per share (about HK$0.606), to be paid on 9 October 2026 to shareholders on record as of 17 September. The payout compares with last year’s interim dividend of HK$0.25 per share.

Stronger pricing lifted gross profit 58.7 per cent to HK$1.06 billion, expanding the margin to 16.5 per cent from 10.5 per cent. Segment-wise, VGA cards remained the mainstay, generating HK$5.95 billion in sales, up 3.1 per cent YoY. Within that, own-brand VGA revenue slipped 9.2 per cent to HK$4.46 billion as unit volumes fell 18.4 per cent amid GPU and memory shortages, but a 10.7 per cent rise in ASP cushioned the top line. ODM/OEM VGA sales almost doubled to HK$1.48 billion, supported by demand for higher-end models. Electronic manufacturing services (EMS) revenue fell 7.9 per cent to HK$271.4 million, while other PC-related products and components declined 20.1 per cent to HK$232.0 million.

Geographically, Asia-Pacific led growth, with revenue up 25.1 per cent to HK$3.19 billion, driven by ODM/OEM wins. Sales in North and Latin America, mainland China and EMEAI dropped 14–15 per cent, reflecting softer demand for own-brand graphics cards.

Selling and distribution expenses contracted 24.3 per cent to HK$53.1 million on lower return-merchandise-authorisation costs and freight charges. Administrative expenses rose 18.1 per cent to HK$379.4 million, mainly on higher staff costs, performance bonuses and professional fees linked to the group’s January delisting from the Hong Kong bourse. Finance costs nearly doubled to HK$29.4 million following increased bank borrowings to fund component purchases.

Inventory days lengthened to 58 from 37 at end-December as finished-goods stocks rose, while trade-receivable days ticked up to 31. Net operating cash flow strengthened to HK$2.50 billion (H1 FY2025: HK$670 million) on higher profitability and favourable working-capital movements, leaving cash and bank balances at HK$2.90 billion. Net current assets stood at HK$2.89 billion and unutilised credit lines at HK$1.49 billion.

Looking ahead, management cautioned that industry-wide shortages of GPUs, graphics memories, CPUs and other key parts are likely to tighten further in the second half, particularly for entry-level VGA cards, potentially pushing ASPs even higher while constraining volumes. However, the group expects initial shipments of new GPU server and artificial-intelligence-related products later this year to help offset softness in other segments and supports its projection of full-year revenue growth in FY2026.