Giant Manufacturing (9921) Q2 2024 earnings summary

Executive summary

• Net sales revenue for the six months ended June 30, 2024 was NT$37.23 billion, down 13% year-over-year; net profit attributable to owners was NT$1.67 billion, a 17% decrease from the prior year period.

• Gross margin remained stable at 21% for both periods; operating profit margin declined from 8% to 6% year-over-year.

• The company distributed NT$5.0 per share in cash dividends for 2023, down from NT$7.8 per share for 2022.

Financial highlights

• Net sales revenue for Q2 2024 was NT$21.17 billion, a 6% decrease compared to Q2 2023.

• Gross profit for H1 2024 was NT$7.93 billion, down from NT$9.08 billion in H1 2023.

• Net profit attributable to owners for H1 2024 was NT$1.67 billion, compared to NT$2.02 billion in H1 2023.

• Basic EPS for H1 2024 was NT$4.27, down from NT$5.15 in H1 2023.

• Cash and cash equivalents at June 30, 2024 were NT$15.02 billion, compared to NT$16.99 billion a year earlier.

Outlook and guidance

• Management is monitoring the impact of new IFRS standards and Pillar Two income tax legislation, with no significant effect expected in the current period.

• The company continues to assess the impact of global tax changes and regulatory updates on future performance.