Giant Manufacturing (9921) Q4 2023 earnings summary

Executive summary

• FY2023 revenue, operating profit and net profit declined from FY2022; operating cash flow rose to NT$10.59bn from NT$511.6m.

• Gross margin was 22%, versus 23% in FY2022; basic EPS was NT$8.68, versus NT$15.51.

Financial highlights

• Revenue was NT$76.95bn, down from NT$92.04bn; gross profit was NT$16.97bn, versus NT$20.82bn.

• Operating profit was NT$4.71bn, versus NT$7.91bn; net profit was NT$3.57bn, versus NT$6.18bn.

• Finance costs rose to NT$1.12bn from NT$427.7m; income tax expense fell to NT$1.23bn from NT$2.56bn.

• Inventory write-downs were NT$1.29bn, compared with NT$589.5m in FY2022.

Segment performance

• Bicycle revenue was NT$69.34bn versus NT$83.71bn; segment profit was NT$4.24bn versus NT$7.13bn.

• Materials revenue was NT$4.98bn versus NT$6.34bn; segment profit was NT$394.5m versus NT$856.5m.

• Others revenue increased to NT$2.64bn from NT$1.99bn, while segment result shifted to a NT$72.0m loss from NT$71.1m profit.