Hwang Chang General Contractor (2543) Q2 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 (113.1.1–6.30) reached NT$6,290.8 million, up from NT$4,792.4 million year-over-year.

• Net income attributable to parent for the same period was NT$1,003.3 million, a significant increase from NT$108.8 million year-over-year.

• Basic EPS for the first half was NT$3.66, compared to NT$0.40 in the prior year.

• Major projects included public infrastructure and social housing, with a strong backlog of NT$59.5 billion in unfulfilled contract value.

Financial highlights

• Gross margin for the first half improved to 24% from 7% year-over-year.

• Operating profit for the first half was NT$1,310.6 million, up from NT$299.4 million year-over-year.

• Cash and cash equivalents at June 30, 2024, were NT$1,440.1 million, up from NT$202.8 million a year earlier.

• Total assets increased to NT$16,175 million from NT$13,707 million year-over-year.

• Operating cash flow for the first half was NT$502.8 million, down from NT$878.2 million year-over-year.

Outlook and guidance

• Unfulfilled contract value as of June 30, 2024, was NT$59.5 billion, to be recognized as revenue through 2024–2032.

• Major ongoing projects include metro lines, LNG terminals, and social housing, supporting future revenue streams.