Grand Venture Technology’s net profit soars 34.1% YoY in 1Q24

Modest life sciences growth tempered the profit increase.

Grand Venture Technology recorded a net profit of $2.0m in 1Q24, representing a 34.1% increase from $1.5m in 1Q23.

Revenue for the period also grew, rising 14.4% to $30.8mm from $26.9m in 1Q23.

Continued wallet share expansion with its key customers drove revenue growth.

Revenue from the company’s semiconductor segment rose 14.8% to $15.7m from $13.7m a year ago, due to gradual demand recovery from its key customers. 

Meanwhile, revenue from the life sciences segment grew 6.2% to $4.9m from $4.6m in 1Q23, driven by the mass production of certain mass spectrometers and its bolt-on instruments in 1Q24 and expanded wallet share in the segment.

Revenue from the electronics, aerospace, medical and other segments increased 18.4% to $10.1m compared to $8.5m in 1Q23, reflecting robust demand from customers from the aerospace and medical industries.