TCC Group Holdings (1101) Q1 2024 earnings summary

Executive summary

• Operating revenue for Q1 2024 was NT$25.54 billion, down 2.9% year-over-year, but gross profit margin improved to 15% from 10% last year.

• Net income rose to NT$2.24 billion, up 123% year-over-year, with EPS at NT$0.26 versus NT$0.20 in Q1 2023.

• Major acquisitions in March 2024 included controlling stakes in CPH and TCAH, expanding presence in Turkey and Portugal.

Financial highlights

• Gross profit increased to NT$3.89 billion from NT$2.47 billion year-over-year.

• Operating income rose to NT$1.2 billion, up from NT$166 million in Q1 2023.

• Total comprehensive income surged to NT$8.66 billion, driven by significant foreign currency translation gains.

• Cash and cash equivalents at quarter-end were NT$83.2 billion, up from NT$70.96 billion a year ago.

Outlook and guidance

• Earthquake in April 2024 expected to reduce Q2 revenue by NT$750 million and gross profit by NT$250 million; repair costs estimated at NT$800 million.

• Ongoing investments in renewable energy and energy storage, including a new NT$3.9 billion solar project in southern Taiwan.