Far Eastern New Century (1402) Q4 2024 earnings summary

Executive summary

• Achieved consolidated revenue of NT$270.95B in 2024, up 5% year-over-year, with net income attributable to shareholders rising 22% to NT$10.03B and EPS reaching NT$2.00.

• Consolidated financial statements for 2024 and 2023 were audited with an unmodified opinion, confirming fair presentation in accordance with IFRS and local regulations.

• Major business segments include production, telecommunications, property development, and investments, with significant operations in Taiwan, China, and overseas.

• Maintained a consistent dividend policy, with 2024 cash dividend per share estimated at NT$1.35 and a payout ratio of 80%.

• Green revenue accounted for 19% of consolidated revenue in 2024, reflecting strong sustainability initiatives.

Financial highlights

• Total operating revenue for 2024 was NT$270,954 million, up from NT$257,204 million in 2023.

• Net income attributable to owners was NT$10,032 million in 2024, up from NT$8,229 million in 2023.

• Basic EPS increased to NT$2.00 from NT$1.64 year-over-year.

• Operating profit increased 18% year-over-year to NT$17.69B in 2024.

• Gross profit rose to NT$53,938 million from NT$47,061 million year-over-year.

Outlook and guidance

• Committed to Net Zero by 2050, with a 50% GHG reduction target by 2030 and 25% reduction already achieved by 2023.

• The board proposed a cash dividend of NT$1.6 per share for 2024, pending shareholder approval.

• Plans to expand global R-PET capacity and closed-loop recycling business, targeting global leadership in recycled polyester.

• The company expects to recognize carbon fee liabilities in 2025 due to new environmental regulations.