Hwang Chang General Contractor (2543) Q4 2024 earnings summary

Executive summary

• Revenue for the year ended December 31, 2024, was NT$12,431,138 thousand, up 10.3% year-over-year, with net income of NT$2,043,846 thousand, a 249% increase from the prior year.

• Gross margin improved to 24% from 9% year-over-year, and operating margin rose to 21% from 7% in the previous year.

• Major projects included public infrastructure, social housing, and energy-related construction, with a strong backlog of NT$78.7 billion in unfulfilled contract value.

Financial highlights

• Operating income surged to NT$2,583,891 thousand from NT$742,819 thousand year-over-year.

• Basic EPS was NT$5.25, up from NT$1.48 year-over-year; diluted EPS was NT$5.24.

• Cash and cash equivalents at year-end were NT$806,965 thousand, up from NT$408,969 thousand.

• Total assets increased to NT$16,681,460 thousand from NT$14,705,666 thousand year-over-year.

• Total equity rose to NT$7,213,764 thousand, up from NT$3,329,891 thousand year-over-year.

Outlook and guidance

• Unfulfilled contract value at year-end was NT$78,658,286 thousand, with major projects expected to complete between 2025 and 2034.

• The company expects continued revenue recognition as large-scale infrastructure and housing projects progress.