President Chain Store (2912) Q3 2024 earnings summary

Executive summary

• Consolidated revenue for the first nine months of 2024 rose 6.9% year-over-year to NT$251.8 billion, driven by store expansion and strong performance from 7-11 Taiwan, 7-11 Philippines, Cosmed, Transnet, and Starbucks.

• Net profit attributable to the parent company increased 10.4% year-over-year to NT$9.29 billion, aided by operating profit growth, interest income, and a disposal gain.

• Store expansion and product innovation, especially in fresh food and beverages, contributed to revenue and profit growth.

• Gross margin remained stable at 34% for both the three and nine-month periods, with operating profit at NT$13.58 billion for the nine months.

• Earnings per share for the nine months were NT$8.93, up from NT$8.09 in the prior year.

Financial highlights

• 9M24 consolidated revenue reached NT$251.8 billion, up 6.9% from NT$235.6 billion in 9M23.

• Net profit attributable to the parent company was NT$9.3 billion, up 10.4% year-over-year.

• EPS for 9M24 was NT$8.93, a 10.4% increase from NT$8.09 in 9M23.

• Total assets as of September 30, 2024 were NT$268.6 billion, with cash and cash equivalents at NT$55.6 billion.

• 2023 full-year consolidated revenue was NT$317.0 billion, up 9.2% year-over-year; profit attributable to owners was NT$10.6 billion, up 14.4%.

Outlook and guidance

• Continued focus on store expansion in Taiwan and the Philippines, with market share above 50% in Taiwan.

• Emphasis on digital integration, fresh food, and differentiated products to drive future growth.

• Ongoing investment in logistics and technology to support e-commerce and delivery services.

• Significant investments in property and logistics infrastructure to support expansion.

• New IFRS standards adopted in 2024 had no significant impact; future standards are not expected to materially affect financials.