ASIA CEMENT (1102) Q2 2024 earnings summary

Executive summary

• Operating revenue for the six months ended June 30, 2024 was NT$35.48 billion, down 12% year-over-year, with net income at NT$6.73 billion, a 6% decrease from the prior year.

• Gross profit margin declined to 13% from 13% year-over-year, while operating income margin dropped to 8% from 10% in the same period last year.

• Total comprehensive income surged to NT$16.94 billion, up 117% year-over-year, mainly due to significant gains in other comprehensive income.

Financial highlights

• Net income attributable to owners was NT$7.19 billion for the six months, with basic EPS of NT$2.16.

• Cash and cash equivalents decreased to NT$18.03 billion from NT$38.03 billion a year ago.

• Total assets stood at NT$342.05 billion, with equity attributable to owners at NT$177.78 billion.

• Operating cash flow was NT$8.85 billion, while investing activities used NT$12.10 billion, and financing activities used NT$13.25 billion.

Outlook and guidance

• The group expects to be subject to carbon fees in 2024 due to new environmental regulations, but the financial impact is still under assessment as the fee rates are not yet announced.