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SUMEEKO Revenue in October Grows 4.85%; Subsidiary MMG Gains More Orders
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2021-11-18
SUMEEKO grossed NTD 190 million in revenues this October, up 4.85% from the same priod last year. The first 10 months grossed NTD 1.913 billion, up 15.41% from the same period last year. The Covid pandemic has reduced its pace in Europe, and auto chips delivery continues to increase. Carmakers' demand for fasteners has picked up since car production resumed. SUMEEKO's revenue was back on the growth track in October. With the outlook for recovering car demand and the increased product delivery of the subsidiary MMG, the performance in Q4 is likely to be positive. Furthermore, low inventory level drives clients to replenish the stock which could raise the steel price globally and push the clients to place orders. The October revenue heralds the advent of high season.
Thanks to Mercedes-Benz and Volkswagen gradually resuming their production lines in Europe, the European manufacturing demand is likely to go up. MMG supplies fasteners to the automotive, wind power, agricultural machinery and new energy industries and is gradually contributing more revenues to SUMEEKO this year. Additonally, SUMEEKO could expect to gain more OEM orders for high-end automotive fasteners as it sits in line with the rapid growing demand for EVs and copes with Tesla's need for increased capacity.
Thanks to Mercedes-Benz and Volkswagen gradually resuming their production lines in Europe, the European manufacturing demand is likely to go up. MMG supplies fasteners to the automotive, wind power, agricultural machinery and new energy industries and is gradually contributing more revenues to SUMEEKO this year. Additonally, SUMEEKO could expect to gain more OEM orders for high-end automotive fasteners as it sits in line with the rapid growing demand for EVs and copes with Tesla's need for increased capacity.
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2022-01-24
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