ASIA CEMENT (1102) Q1 2024 earnings summary

Executive summary

• Operating revenue for Q1 2024 was NT$16.5 billion, down 14% year-over-year, with net income at NT$2.82 billion, up 2% from Q1 2023.

• Total comprehensive income surged to NT$9.79 billion, driven by strong other comprehensive income, especially from exchange differences and equity investments.

• Earnings per share increased to NT$0.89 from NT$0.81 year-over-year.

Financial highlights

• Gross profit margin improved to 11% from 10% year-over-year, despite lower revenue.

• Operating income was NT$1.02 billion, down from NT$1.46 billion in Q1 2023.

• Non-operating income and expenses contributed NT$2.61 billion, up from NT$1.72 billion year-over-year.

• Cash and cash equivalents at quarter-end were NT$32.7 billion, down from NT$41.4 billion a year ago.

• Total assets reached NT$345.0 billion, with equity attributable to owners at NT$170.7 billion.

Outlook and guidance

• The group expects to meet the carbon fee threshold in 2024 due to new environmental regulations, with ongoing assessment of financial impact.

• Dividend payout for 2023 was set at NT$2.10 per share, with further appropriations pending shareholder approval.