Giga-Byte Technology (2376) Q1 2024 earnings summary

Executive summary

• Consolidated revenue for Q1 2024 was NT$55.16 billion, up 97% year-over-year from NT$28.03 billion in Q1 2023, driven by strong sales in computer parts and networking products.

• Net income attributable to owners was NT$2.02 billion, a 97% increase from NT$1.02 billion in Q1 2023.

• Basic EPS rose to NT$3.18 from NT$1.61 year-over-year.

Financial highlights

• Gross profit for Q1 2024 was NT$6.23 billion (12% margin), up from NT$3.55 billion (13% margin) in Q1 2023.

• Operating profit reached NT$3.08 billion, up from NT$1.28 billion year-over-year.

• Cash and cash equivalents at March 31, 2024 were NT$17.39 billion, compared to NT$16.88 billion a year earlier.

• Total assets increased to NT$110.86 billion from NT$66.02 billion year-over-year.

• Operating cash flow for Q1 2024 was NT$15.35 billion, up from NT$997.94 million in Q1 2023.

Outlook and guidance

• The Board proposed a 2023 cash dividend of NT$6.20 per share, pending shareholder approval.

• New overseas convertible bonds of up to USD 300 million were approved for issuance after Q1 close.