President Chain Store (2912) Q4 2024 earnings summary

Executive summary

• Consolidated revenue grew 6.6% in 2024, driven by store expansion and increased sales in Taiwan and the Philippines.

• Net income rose 8.5% year-over-year, supported by optimized product mix, scale, and one-time gains from asset disposals and deferred tax benefits.

• Parent company revenue increased 6.6%, with net income up 8.7%, led by fresh food, CITY CAFE, and beverage growth.

• Consolidated financial statements for 2024 and 2023 were audited and present fairly in all material respects, in accordance with IFRS and local regulations.

• The group operates convenience stores, retail, logistics, and other businesses across Taiwan, Mainland China, the Philippines, and Japan.

Financial highlights

• Consolidated revenue reached NT$337.9bn, up from NT$317.0bn in 2023.

• Net income attributable to owners was NT$11,539 million, up from NT$10,614 million in 2023.

• Basic EPS for 2024 was NT$11.10, compared to NT$10.21 in 2023.

• Gross profit margin remained stable at 34% for both years.

• Total assets increased to NT$269,782 million from NT$257,352 million.

Outlook and guidance

• Plans to add 200–300 new stores in Taiwan by end of 2025, maintaining growth momentum in sales and net income.

• Medium- and long-term goals include increasing store quantity and quality, digital integration, and leveraging AI.

• Overseas expansion, especially in the Philippines, remains a key growth engine.

• New IFRS standards effective from 2025 and 2026 are not expected to have significant impact.

• The group continues to focus on capital expenditures, including land and logistics infrastructure.