Giant Manufacturing (9921) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2024 was NT$16.85 billion, up 5% year-over-year; net income attributable to owners was NT$367.6 million, down 29% year-over-year.

• Gross margin decreased to 18% from 20% year-over-year, with operating margin at 2.5%.

• EPS was NT$0.94 basic and NT$0.93 diluted, compared to NT$1.33 and NT$1.30 in Q1 2023.

• Cash and equivalents at quarter-end were NT$13.2 billion, down from NT$17.6 billion a year ago.

Financial highlights

• Operating income for Q1 2024 was NT$425 million, down from NT$543 million year-over-year.

• Pre-tax profit was NT$490 million, a 40% decrease year-over-year.

• Net profit margin was 2.1%, compared to 3.6% in Q1 2023.

• Operating cash flow for Q1 2024 was NT$1.44 billion, down from NT$3.36 billion year-over-year.

• Inventory decreased to NT$23.4 billion from NT$32.9 billion year-over-year.

Outlook and guidance

• Management expects no material impact from new IFRS standards effective in 2026.

• No significant changes anticipated in capital structure or dividend policy.