Hotai Motor (2207) Q2 2024 earnings summary

Executive summary

• Consolidated financial statements reviewed for the six months ended June 30, 2024 and 2023, with a qualified conclusion due to some subsidiaries' financials not reviewed by independent auditors, representing 20% of total assets as of June 30, 2024.

• The group operates in vehicle import, trading, leasing, installment sales, used vehicle sales, and property insurance.

Financial highlights

• Total revenue for six months ended June 30, 2024: NT$144,265,407 thousand, up from NT$139,532,512 thousand year-over-year.

• Net income attributable to owners for six months ended June 30, 2024: NT$11,756,724 thousand, compared to NT$12,110,379 thousand in 2023.

• Basic EPS for six months ended June 30, 2024: NT$21.10, down from NT$21.74 year-over-year.

• Total assets as of June 30, 2024: NT$511,954,438 thousand, up from NT$444,292,205 thousand as of June 30, 2023.

• Total equity as of June 30, 2024: NT$103,926,202 thousand, up from NT$82,321,974 thousand as of June 30, 2023.

Outlook and guidance

• Adoption of new IFRS standards in 2024 had no significant impact; future standards (e.g., IFRS 17, IFRS 18) are not expected to materially affect financials.

• The group continues to focus on capital adequacy, risk management, and compliance with regulatory requirements.