Formosa Chemicals & Fibre (1326) Q4 2024 earnings summary

Executive summary

• Audit confirms fair presentation of consolidated financial statements for 2024 and 2023 in accordance with IFRS and local regulations.

• Key audit matters include loss allowance for accounts receivable and inventory valuation due to significant management judgment and market volatility.

• Several subsidiaries and associates contribute materially to assets and comprehensive income.

Financial highlights

• Operating revenue for 2024 was NT$348.6 billion, up 5% year-over-year.

• Net income for 2024 was NT$1.12 billion, a sharp decline from NT$7.7 billion in 2023.

• Total comprehensive loss for 2024 was NT$69.05 billion, compared to a gain of NT$18.07 billion in 2023, mainly due to unrealized losses on financial assets.

• Basic EPS for 2024 was NT$0.19, down from NT$1.32 in 2023.

• Total assets at year-end 2024 were NT$490.95 billion, down from NT$565.87 billion in 2023.

Outlook and guidance

• New standards effective in 2025 and beyond are not expected to have significant impact.

• Board approved a cash dividend of NT$0.50 per share for 2024.