Evergreen Marine Corporation (Taiwan) (2603) Q4 2024 earnings summary

Executive summary

• Achieved record operating revenue of NT$463.6 billion in 2024, up 68% year-over-year, with net profit of NT$144.0 billion, a 260% increase from 2023.

• Gross margin improved to 38% from 18% year-over-year, reflecting strong freight rates and operational efficiency.

• Major business combination: Acquired 100% of Italia Marittima S.p.A. for NT$13.6 billion, resulting in a bargain purchase gain of NT$3.2 billion.

• Significant cash flow from operations at NT$192.3 billion, supporting robust liquidity and capital investments.

Financial highlights

• Operating revenue rose to NT$463.6 billion in 2024 from NT$276.7 billion in 2023.

• Net income surged to NT$144.0 billion, up from NT$40.0 billion year-over-year.

• Basic EPS increased to NT$64.87 from NT$16.70 year-over-year.

• Cash and cash equivalents at year-end were NT$253.4 billion, up from NT$170.2 billion.

• Gross profit margin expanded to 38% from 18% year-over-year.

Outlook and guidance

• Board proposed a cash dividend of NT$32.5 per share for 2024, pending shareholder approval.

• Ongoing fleet expansion with new LNG dual-fuel vessels and container purchases planned for 2025.

• Continued focus on strengthening Mediterranean and global shipping network through strategic investments.