Hwang Chang General Contractor (2543) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024, was NT$8.19 billion, down from NT$9.23 billion year-over-year, with net income at NT$1.06 billion, a decrease from NT$1.35 billion.

• Gross margin for the period was 19%, slightly up from 18% year-over-year, while operating margin improved to 15% from 14%.

• Basic EPS for the nine months was NT$1.93, compared to NT$3.04 in the prior year period.

• Major public infrastructure projects continued, including MRT lines, LNG terminals, and highway interchanges.

Financial highlights

• Operating income for the nine months was NT$1.22 billion, down from NT$1.71 billion year-over-year.

• Cash and cash equivalents at September 30, 2024, were NT$853.8 million, up from NT$612.7 million a year earlier.

• Total assets increased to NT$19.47 billion from NT$16.36 billion year-over-year.

• Total liabilities were NT$9.41 billion, with equity at NT$10.06 billion as of September 30, 2024.

• Capital expenditures included significant land and equipment purchases for operational expansion.

Outlook and guidance

• Backlog of unfulfilled contract value stood at NT$72.78 billion, to be recognized as revenue through 2024–2034.

• Major projects are expected to be completed over the next decade, supporting future revenue streams.