THE net profit of Mainboard-listed Excelpoint Technology more than quadrupled to US$12 million for the half-year ended June, thanks to the elevated demand for semiconductors resulting from accelerated technology adoption.

The company posted a 45.3 per cent rise in H1 revenue to US$740.9 million, due to higher sales from the Singapore and Hong Kong business units.

Costs also went up, with higher staff expenses and travelling expenses, with some resumption of business travel. Sales and distribution costs rose 51 per cent to US$23.9 million, while general and administrative expense jumped 70.1 per cent to US$12.4 million.

Excelpoint's chairman and chief executive Albert Phuay said: "With the strong demand coming from the accelerated adoption of technologies for automation and intelligence in the consumer, commercial and industrial sectors, we will continue to see a rising need for semiconductor chips and solutions."

There are also new opportunities such as sensorised intelligence for the built environment, where Excelpoint's solutions in AI and the Internet of Things play an important role, he added. China remains a key growth market.

"The pandemic, alongside existing geopolitical tensions, will continue to impact the business environment. Despite these uncertainties, we believe that with a resilient foundation and team, Excelpoint is well-positioned to grow its business," said Mr Phuay.

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The company's shares closed at S$0.895 on Thursday, up 5.29 per cent.