Hwang Chang General Contractor (2543) Q4 2025 earnings summary

Executive summary

• Revenue for the year ended December 31, 2024, was NT$11,838,665 thousand, down 4.8% year-over-year.

• Net income attributable to owners was NT$1,414,893 thousand, a 29.9% decrease from the prior year.

• Basic EPS was NT$2.69, compared to NT$4.49 in the previous year.

• Gross margin declined to 19% from 24% year-over-year.

• Major projects included public infrastructure and social housing contracts.

Financial highlights

• Operating income was NT$1,734,759 thousand, down from NT$2,583,891 thousand year-over-year.

• Operating margin fell to 15% from 21% year-over-year.

• Total assets increased to NT$20,431,423 thousand, up 22.5% from the prior year.

• Total liabilities rose to NT$10,104,192 thousand, up 6.7% year-over-year.

• Cash and cash equivalents at year-end were NT$1,328,954 thousand.

Outlook and guidance

• Outstanding contract value at year-end was NT$105,764,519 thousand, with projects expected to complete between 2025 and 2035.

• Management expects continued revenue recognition as major infrastructure projects progress.