SYNERGY HOUSE ANNOUNCES FIRST SINGLE-TIER INTERIM DIVIDEND OF 1 SEN PER SHARE FOR FY2023

Strong Financial Performance Enables Shareholder Rewards Amidst E-Commerce Market Expansion

SHAH ALAM, 29 DECEMBER 2023 – Synergy House Berhad (“Synergy House” or the “Group”), a cross-border e-commerce seller and furniture exporter of ready-to-assemble (“RTA”) home furniture, declared a first single-tier interim dividend of 1 sen per ordinary share for the financial year ending 31 December 2023. This announcement comes as a testament to the Group’s strong financial performance and commitment to rewarding shareholders.

The dividend declaration follows the Group’s impressive financial performance over the year, highlighted by a total revenue of RM179.4 million and a profit before tax (PBT) of RM23.4 million for the 9-month period ending 30 September 2023. These figures, which include a significant revenue of RM69.2 million and a PBT of RM11.4 million for the third quarter alone, underscore the Group’s successful strategies in both the business-to-consumer (B2C) and business-to-business (B2B) segments, particularly in key markets like the USA and UK.

In recognition of the shareholders' continued support and confidence in the Group, Synergy House has announced that the Company’s securities will be traded ex-dividend from 11 January 2024. The last date of lodgement is set for 12 January 2024, with the dividend payable by 31 January 2024.

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Executive Director of Synergy House, Mr. Tan Eu Tah stated, "This dividend reflects our strong commitment to delivering shareholder value. It is a direct result of our robust financial health and our confidence in the sustainable growth of the global e-commerce market. We believe that rewarding our loyal shareholders is paramount, as they are integral to our ongoing success and future endeavours.”

The e-commerce market, particularly in the furniture segment, has shown remarkable growth, and Synergy House has been at the forefront of capitalising on this trend. The Group’s strategic focus on enhancing online presence and customer engagement has been pivotal in driving growth and expanding market reach. This is evident where in the 9 months ended 30 September 2023, the Group recorded total B2C revenue of RM77.1 million which has far exceeded the total B2C revenue achieved by the Group in the 12 months financial year ended 31 December 2022 of RM49.6 million.

Executive Director of Synergy House, Mr. Teh Yee Luen added, “We are proud to announce this dividend as a sign of our appreciation for our shareholders' trust and support. Our performance this year, particularly in the B2C segment, demonstrates our effective strategy and adaptability in a rapidly evolving market. We are optimistic about the future and remain committed to pursuing opportunities that enhance value for our shareholders and customers alike.”

In conclusion, Synergy House's declaration of first single-tier interim dividend for FY2023 reflects the Group’s solid financial performance and optimistic outlook for the future. The Group’s focus on maximising shareholder value, coupled with strategic growth in the global e-commerce furniture market, positions it well for continued success.

As at 29 December 2023, the share price of Synergy House is RM0.705 representing a market capitalisation of RM352.5 million. Based on the closing price of RM0.705 as at 29 December 2023, the share price of the Group has increased by approximately 63.95 from the IPO price of RM0.43 and has doubled from the closing price on the first day of the IPO.