cement industry, Taiwan Cement (1101-TW) achieved a remarkable performance leap in fiscal year 2024 with its precise strategic layout. This year, Taiwan Cement not only made steady progress in the traditional cement business, but also achieved remarkable results in green low-carbon transformation and overseas mergers and acquisitions, and handed in an exciting report card.
I. Major Financial Indicators: Increase in both revenue and profit and significant improvement
in efficiency For the full year of 2024, the consolidated revenue of Taiwan Cement was as high as NT 154.606 billion yuan, representing a year-on-year increase of 41.0%, which was a significant increase from NT 109.611 billion yuan in 2023. In terms of profit, after-tax net profit reached 11.259 billion yuan, an increase of 40.8% over the same period last year, compared with 7.999 billion yuan in 2023, achieving leapfrog growth. Earnings per share (EPS) also performed well, reaching 1.45 yuan, a three-year high. At the same time, the company's gross profit margin increased to 21.17%, up 2.38 percentage points from 2023, operating profit increased by 70.0% year-on-year to 17.126 billion yuan, and operating profit margin increased to 11.08%. The overall growth of these key financial indicators not only reflects the steady operation of the company in the traditional cement business, but also highlights its outstanding achievements in the expansion of emerging businesses and the optimization of internal management, creating rich returns for shareholders and laying a solid foundation for the sustainable development of the company. Motivation for
performance growth: Domestic sales and overseas sales expand simultaneously, and mergers and acquisitions synergize to increase benefits
(I) Stable recovery
of the domestic sales market The stable recovery of the domestic demand market in Taiwan in 2024 provided strong support for the Company's performance growth. With the steady progress of local construction projects in Taiwan, the demand for cement has shown a steady upward trend. With its deep foundation and high-quality products in the local market, Taiwan Cement has successfully seized this wave of market opportunities and achieved steady growth in domestic sales. On March 6,
2024, Taiwan Cement completed the acquisition of Turkey's OYAK (60% equity) and Portugal's Cimpor (100% equity), which brought significant revenue contribution to the company. Low-carbon cement business contributed 54.9 billion yuan in revenue throughout the year, becoming an important engine of the company's performance growth. Through mergers and acquisitions, Taiwan Cement has not only rapidly expanded its share in important markets such as Europe and Turkey, but also realized the optimal allocation of resources and the exchange and sharing of production technology, further enhancing the company's global competitiveness.
In terms of consolidated revenue composition in 2024, the European and Turkish markets accounted for 41%, the Taiwan market accounted for 37%, and the mainland market accounted for 22%. This diversified market layout enables Taiwan Cement to effectively balance risks among different markets, reduce the impact of single market fluctuations on the company's performance, and provide a broader space for its sustainable development in the future.
Green transformation and technological innovation: Low-carbon cement leads the way, enabling the future
with technology (I) Low-carbon cement pioneer
Under the global trend of increasing attention to low-carbon environmental protection, Taiwan Cement actively practices the concept of green development and vigorously expands the low-carbon cement business. The company continues to promote the optimization and upgrading of low-carbon cement formula, is committed to reducing the carbon emission intensity in the cement production process, and provides customers with more environmentally friendly and sustainable building material solutions. This forward-looking layout not only caters to the market demand, but also seizes the opportunity for the company in the wave of green transformation and establishes a good corporate image.
In addition to continuous innovation in the formulation of low-carbon cement, Taiwan Cement has also made remarkable progress in green technologies such as carbon capture and renewable energy generation. The application of carbon capture technology helps to reduce carbon dioxide emissions in the cement production process, while renewable energy power generation reduces the company's dependence on traditional energy, further optimizes the energy structure, and improves the company's environmental performance and economic benefits. Through technological innovation, Taiwan Cement has not only consolidated its cost advantage in the industry, but also enhanced the added value and market competitiveness of its products, which has injected strong impetus into the company's long-term stable development. The outstanding performance of
Taiwan Cement in fiscal year 2024 fully demonstrates its comprehensive strength and strategic vision in green transformation, overseas mergers and acquisitions, technological innovation and financial management. Looking forward to the future, with the deepening of the company's green transformation, the continuous expansion of overseas markets and the continuous emergence of technological innovation achievements, Taiwan Cement is expected to continue to maintain its leading position in the global cement industry.
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