Catcher Technology (2474) Q4 2024 earnings summary

Executive summary

• Revenue for 4Q24 was NT$4.636bn, down 9.4% sequentially but up 40.2% year-over-year due to a low base.

• Full-year 2024 revenue reached NT$18.084bn, a 0.1% increase year-over-year, reflecting demand recovery.

• Net profit after tax (NPAT) for 4Q24 was NT$3.758bn, up 162.8% sequentially and returning to profitability year-over-year.

• Net profit for 2024 surged 44% year-over-year to NT$13.20bn, with total comprehensive income at NT$16.80bn.

• Basic EPS for 2024 was NT$19.40, up from NT$13.33 in 2023.

• Consolidated financial statements audited with an unmodified opinion, confirming fair presentation in accordance with IFRS and local regulations.

Financial highlights

• 4Q24 gross margin was 32.1%, down 2.4pp sequentially but up 7.4pp year-over-year; full-year gross margin improved to 32% from 27% in 2023.

• Operating margin for 4Q24 was 18.5%, down 4.9pp sequentially and up 16.9pp year-over-year; full-year operating margin was 18% vs. 9% in 2023.

• Net FX gains in 4Q24 were NT$1.923bn; full-year FX gains were NT$4.045bn.

• EBITDA for 2024 was NT$5.171bn, up from NT$4.407bn in 2023.

• Cash and cash equivalents increased to NT$50.36bn at year-end 2024 from NT$42.46bn in 2023.

Outlook and guidance

• Board resolved to pay cash dividends of NT$7.5 per share from 1H24 earnings, with a 64% payout ratio.

• Annual cash dividends have exceeded 60% payout in the past three years, with a yield of 4-6% from 2015-2023.

• Management continues to assess the impact of new and upcoming IFRS standards, including IFRS 18 and 19, with further disclosures to follow.