Hwang Chang General Contractor (2543) Q2 2025 earnings summary

Executive summary

• Revenue for 1H 2024 was NT$5,002.5 million, down from NT$6,290.8 million in 1H 2023, reflecting a slowdown in construction activity.

• Net income attributable to owners was NT$638.2 million, a decrease from NT$1,003.3 million year-over-year.

• Gross margin declined to 19% from 24% year-over-year, with EPS at NT$1.43 versus NT$2.88 in the prior period.

• Major projects included metro lines, LNG terminal construction, and public infrastructure.

Financial highlights

• Operating income for 1H 2024 was NT$951.9 million, down from NT$1,505.8 million year-over-year.

• Cash and cash equivalents increased to NT$1,486.1 million as of June 30, 2024, from NT$806.9 million at year-end 2023.

• Total assets grew to NT$19,126.9 million, up from NT$16,681.5 million at year-end 2023.

• Total liabilities were NT$9,204.0 million, with equity at NT$9,922.9 million as of June 30, 2024.

• Operating cash flow for 1H 2024 was NT$122.6 million, down from NT$502.8 million year-over-year.

Outlook and guidance

• Backlog of unfulfilled contract value stood at NT$74,351.2 million, with major projects expected to complete between 2024 and 2034.

• Management expects continued revenue recognition as large-scale infrastructure projects progress.