Laguna-based semiconductor manufacturer Cirtek Holdings Philippines Corp. posted a nine percent year-on-year (yoy) growth in net sales, and an 11 percent yoy growth in net profit in 2012.
Consolidated net sales for 2012 amounted to $40.5 million, compared with $37.1 million in 2011. Net income after tax reached $4.4 million in 2012, up from $3.96 million in 2011.
In a press statement, Cirtek said the growth was in line with the company’s 2012 full-year financial target. It said the growth over the last 12 months was driven mainly by customer- and application-specific packages, the company’s core expertise.
At least 65 percent of Cirtek’s output was attributed to customer-specific packages.
According to Cirtek, growth in 2012 came mainly from wireless communication, smart phones, tablets, radio frequency identification, LED and automotive industries.
Cirtek said the company has been able to leverage off its manufacturing flexibility to sustain growth.
“Cirtek is unique in that unlike most companies of similar size who focus on a few major customers and high-volume standard products, we have over 45 regular customers and a very diversified product portfolio,” it said.
For 2013, the company forecasts its top-line to grow by at least 25 percent. Ten percent of the growth is expected to come from its existing business, with 15 percent to be accounted for by joint ventures and acquisitions.
“The company has a clear growth strategy, which is to compliment organic growth with alliances and acquisitions that result in either of the following: operational synergy, capacity expansion, product and/or geographic expansion, acquisition of new technology,” it added.
Over the past months the company has focused on establishing key alliances and concluding a key acquisition. Cirtek expects these initiatives to begin contributing to cash generation beginning this year.