Systex Corp., Taiwan’s leading IT services provider, reported a record annual revenue for 2023 despite a December slowdown, as demand for digital transformation services remained strong.
The company’s December sales fell 18.4% to NT$3.69 billion ($118 million) from a year earlier, primarily due to early completion of major projects. However, full-year revenue rose 10.7% to NT$38.96 billion ($1.24 billion), marking its eighth consecutive year of record sales.
The Taipei-based firm saw growth across its core segments including financial services, systems integration, and retail, driven by increased adoption of cloud computing, cybersecurity, and artificial intelligence solutions. The company has been shifting its focus toward higher-margin service revenue in software, security, cloud, and data analytics.
Looking ahead, Systex plans to leverage AI technology and data integration capabilities to develop new service offerings. The company is also expanding its environmental and cybersecurity solutions, including a carbon inventory management platform and a security operations center, as it positions itself to help clients address emerging challenges from generative AI technologies.
Bank analysts expect the company’s strategic pivot toward service-based revenue to potentially improve its profit margins in 2025, though increased competition in Taiwan’s IT services market could pose challenges.
