AirTAC International Group (1590) Q4 2023 earnings summary

Executive summary

• FY2023 revenue was NT$29,827,352 thousand and net profit was NT$6,965,415 thousand; operating profit and EPS also increased YoY.

• Total assets reached NT$58,048,765 thousand at year-end, with cash and cash equivalents of NT$9,191,705 thousand.

Financial highlights

• Revenue increased to NT$29,827,352 thousand from NT$26,072,874 thousand YoY; gross profit was NT$13,754,982 thousand, with gross margin unchanged at 46%.

• Operating profit rose to NT$8,849,189 thousand from NT$7,542,803 thousand; operating margin was 30%, up from 29%.

• Net profit was NT$6,965,415 thousand versus NT$6,012,658 thousand; profit attributable to owners was NT$6,965,808 thousand.

• Basic and diluted EPS were NT$34.83 and NT$34.81, respectively, versus NT$30.07 and NT$30.05 in 2022.

• Other comprehensive income was a loss of NT$614,315 thousand, mainly reflecting translation differences; total comprehensive income was NT$6,351,100 thousand versus NT$6,457,311 thousand.

Segment performance

• Direct pneumatic-component sales revenue was NT$21,077,128 thousand versus NT$18,402,982 thousand; segment profit before tax was NT$7,043,699 thousand versus NT$6,083,084 thousand.

• Distributor revenue was NT$8,750,224 thousand versus NT$7,669,892 thousand; segment profit before tax was NT$2,924,211 thousand versus NT$2,535,334 thousand.

• Segment assets were NT$40,788,974 thousand for direct sales and NT$16,929,005 thousand for distributors at December 31, 2023.