ITEQ (6213) Q2 2024 earnings summary

Executive summary

• Revenue grew 23.4% sequentially and 39.9% year-over-year in 2Q24, reaching NTD 7,596 million.

• Revenue for the six months ended June 30, 2024 was NT$13,750.6 million, up 17.6% year-over-year, with net profit of NT$353.9 million, a 206% increase from the prior year period.

• Net income to parent increased 29.9% quarter-over-quarter and 376.2% year-over-year to NTD 200 million.

• EPS rose to NT$0.55, up 31.0% sequentially and 400.0% year-over-year.

• Comprehensive income for the six months was NT$1,392.9 million, reversing a loss of NT$312.7 million in the prior year.

Financial highlights

• Gross profit reached NTD 949 million, up 21.1% quarter-over-quarter and 63.6% year-over-year.

• Operating profit was NTD 338 million, a 37.4% sequential increase and 482.8% year-over-year surge.

• Operating income for the six months was NT$584.5 million, up from NT$186.4 million year-over-year.

• Basic and diluted EPS for the six months were NT$0.97, compared to NT$0.32 in the prior year.

• Cash and cash equivalents at June 30, 2024 were NT$5,138.7 million, down from NT$5,594.3 million at year-end 2023.

Outlook and guidance

• Strong year-over-year growth in revenue and profitability signals positive business momentum.

• Management expects continued adoption of new IFRS standards but does not anticipate significant impact on financials.

• No seasonality or cyclicality factors are expected to affect operations.