Uni-President Enterprises (1216) Q3 2024 earnings summary

Executive summary

• Operating revenue for the first nine months of 2024 reached TWD 499.798 billion, up 15.2% year-over-year, driven by strong F&B sales, retail expansion, and Carrefour consolidation.

• Net income attributable to owners for the nine-month period was TWD 17.53 billion, up 4.54% year-over-year.

• EPS for the nine months was TWD 3.09, compared to TWD 2.95 for the same period last year.

• Operating profit for the period was TWD 28.79 billion, up 19% year-over-year.

• Major acquisitions, including Yahoo! Taiwan Holdings Limited and Kuan-Chan Enterprises Corp., expanded digital and distribution capabilities.

Financial highlights

• Q3 consolidated revenue grew 8.4% year-over-year and 10.4% quarter-over-quarter, setting new records.

• Q3 gross profit reached TWD 59 billion, up 10.6% year-over-year; gross margin improved for the seventh consecutive quarter.

• Operating profit for the nine months was TWD 28.79 billion, up 19.37% year-over-year.

• Cash and cash equivalents stood at TWD 102.2 billion as of September 30, 2024.

• Total assets as of September 30, 2024, were TWD 704.9 billion, up from TWD 664.9 billion a year earlier.

Outlook and guidance

• Store expansion targets 200-300 net new 7-Eleven Taiwan stores annually, adapting to demographic shifts and aiming to become a comprehensive lifestyle service platform.

• Continued focus on product innovation, channel expansion, and marketing to drive growth in China’s beverage and instant noodle markets.

• Tinplate and beverage packaging businesses are recovering, with cautious optimism due to steel market volatility.

• E-commerce investment in Yahoo Taiwan positions the group for digital economy growth.

• Targets include reducing GHG emission intensity by 1.5% per year and cutting emissions by 38% below 2005 levels by 2030.