Synnex Australia’s profit sinks 16% to $37M

Synnex Australia’s profit sinks 16% to $37M

Revenue rises by 3.8 per cent to $2.9 billion.

Credit: Synnex

Synnex Australia has seen its profit fall by 16.8 per cent to $37.3 million for the year ending 31 December 2022. 

The distributor giant posted a revenue uplift of 3.8 per cent to $2.9 billion, but saw its cost of sales rise by 4 per cent to $2.7 billion. 

The annual period saw Synnex’s distribution costs also rise from $18.3 million to $21.3 million, while its finance costs rose from $1 million in 2021 to $6.1 million last year. 

However, the distributor paid a lower tax bill in 2022 of $16 million, a 20.3 per cent fall from its previous bill of $20.1 million, according to financial documents filed with ASIC. 

Employee benefits, which includes salaries, superannuation and annual leave, increased marginally from $44.7 million to $45.6 million. 

During 2022, Synnex signed up a number of new vendors to its Australian portfolio. The first of these was network-attached storage vendor QNAP in May in a bid to boost its storage portfolio.

It also added Google Cloud to its portfolio, also in May, in a move it claimed would “significantly benefit Synnex’s cloud channel partners”.  

Synnex already had Google Workspace and Google Workspace for Education within its roster of Google products but, following the Google Cloud addition, is now able to offer wider range of service offerings to partners. 

Melbourne-based software vendor 6clicks also signed up Synnex in September to be its first global distributor, covering Australia, the US and the UK.

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