Taiwan High Speed Rail (2633) Q4 2024 earnings summary

Executive summary

• Operating revenue for 2024 reached NT$53.19 billion, up 6.8% year-over-year, with net income at NT$6.45 billion, down 17.6% from 2023.

• Gross profit margin was 44%, and basic EPS was NT$1.15, compared to NT$1.39 in 2023.

• The audit opinion was unqualified, with key audit focus on accurate recognition of railway transportation revenue.

Financial highlights

• Operating costs increased to NT$29.83 billion, up 8% year-over-year.

• Interest expense was NT$6.63 billion, and stabilization reserve expense was NT$7.16 billion.

• Cash and cash equivalents at year-end were NT$4.29 billion, down from NT$17.57 billion in 2023.

• Total assets decreased to NT$383.87 billion from NT$402.70 billion.

• Cash dividends of NT$1.02 per share were distributed for 2023 earnings.

Outlook and guidance

• The company continues to operate under a 70-year concession period, with ongoing obligations for profit sharing and stabilization reserve contributions.

• No significant post-reporting period events or changes in segment structure were noted.