Ritdisplay to Expand Production by 20% to Meet Growing OLED Demands

Ritdisplay, a subsidiary of Ritek Group, is an OLED panel maker. This year the market's demand has been strong. In first half of 2016, its revenue reached NT $997 million (US $31.21 million), and its annual growth rate surpassed 40%, according to a MoneyDJ report.

It is estimated that Ritdisplay's profit in first half in 2016 might surpass last year's annual profit. Ritdisplay just issued initial public offerings (IPO) and plans to apply for listing on the emerging stocks market in Taiwan by second half of 2016.

Ritek still has a 75% stake in Ritadisplay, even though it had sold some of its shares in the subsidiary earlier, and it is projected the OLED panel manufacturer might become the group's new cash cow following its listing on the emerging stock market. Rising OLED demands in wearable devices and other emerging applications has led to Ritdsiplay soaring orders, and its production capacities are running at highest utilization rates. Ritdisplay stated that it planned to expand 20% of its capacities to fulfill orders. Order situation will determine the company’s future production expansion plans.

According to sources, Ritdisplay 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. Its 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.

(Translator: Janet Chen, Translator and Editor at TrendForce)

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