Evergreen Marine Corporation (Taiwan) (2603) Q2 2024 earnings summary

Executive summary

• Operating revenue for the six months ended June 30, 2024 was NT$194.97 billion, up 45% year-over-year, with net profit attributable to owners at NT$46.84 billion, a 362% increase from the prior year period.

• Basic EPS for the six months was NT$21.86, compared to NT$4.79 for the same period last year.

• The company completed several strategic acquisitions, including 100% of ITS in February 2024, to strengthen its operational layout in Europe.

Financial highlights

• Gross profit margin for the six months was 28%, up from 21% in the prior year period.

• Operating profit for the six months was NT$48.33 billion, up 198% year-over-year.

• Net cash from operating activities was NT$56.91 billion, up from NT$16.74 billion in the prior year period.

• Cash and cash equivalents at June 30, 2024 were NT$187.82 billion, down from NT$374.34 billion a year earlier.

Outlook and guidance

• The company continues to invest in fleet and terminal expansion, with significant shipbuilding and equipment contracts outstanding.

• Plans to establish a new company in Singapore as a Southeast Asia transshipment center were approved after the balance sheet date.