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Ritdisplay files for IPO to expand production by 20% to meet growing OLED demands

Ritdsiplay see soaring orders as OLED demands for wearable devices and other emerging applications increases, its production capacities are running at high utilisation rates

18 Jul 2016 | Editor

According to a report published by LEDInside news website Ritdisplay, a subsidiary of the Ritek Group, an OLED panel manufacturer issued its IPO on June 29, 2016 and is currently planning to be listed on the emerging stocks market in Taiwan.

Ritdisplay released 2015 financial report to meet IPO and stock listing requirements. The company has seen strong market demand. In first half of 2016, its revenue reached NT $997 million (US $31.21 million), and its annual growth rate surpassed 40%.

Ritdisplay's financial report for 2015 indicated annual consolidated sales were NT $1.65 billion, up 84% year-over-year. The gross margin was 18.36%, a major rebound from -18.42% in 2014, marking a successful turnaround of losses into profits. It is estimated that Ritdisplay's profit in first half in 2016 could surpass last year's annual profit.

Rising OLED demands in wearable devices and other emerging applications has led to Ritdsiplay soaring orders, and its production capacities are running at highest utilisation rates. Ritdisplay stated that it planned to expand 20% of its capacities to fulfil orders.

Ritek still has a 75% stake in Ritadisplay, even though it had sold some of its shares in the subsidiary earlier, and the LEDInside reported that the OLED panel manufacturer could become the group's new cash cow following its listing on the emerging stock market.

www.ritdisplay.com    www.ritek.com    www.ledinside.com   

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