Press Center
Chang Wah Electromaterials (par value of NT$1 per share) Board of Directors Meeting Resolutions
Issued by: Chang Wah Electromaterials Inc.
Issued on: August 6, 2024
Chang Wah Electromaterials Inc. (CWE, 8070.tw) convened a Board of Directors meeting on the 6th, during which the Board approved the reviewed consolidated financial report for the first half of 2024. Based on a par value of NT$1 per share, the after-tax earnings per share (EPS) was NT$1.22, equivalent to earning 1.22 times the capital. Additionally, Thomas Huang, the President of Sales, was promoted to CWE President during the meeting.
CWE's consolidated financial report for the second quarter and the first half of 2024 was approved by the Board of Directors on the 6th. The Company reported consolidated revenue of NT$4,255 million, representing a quarter-over-quarter increase of 6% and a year-over-year growth of 2%, marking solid performance. Gross margin and operating margin also show improvement, rising to 20% and 11%, respectively. Net profit attributable to owners of the Corporation reached NT$497 million, marking a 55% increase from the previous quarter. EPS equaled NT$0.74, based on a par value of NT$1 per share, up from NT$0.48 in the prior quarter. This represents a quarterly earnings performance equivalent to 0.74 times the Company's capital.
CWE's consolidated revenue for the first half of 2024 totaled NT$8,274 million, reflecting a slight 1% year-over-year decline. The gross margin was 19%, in line with the same period last year. Profit before tax reached NT$1,537 million, marking a 6% increase compared to the previous year. Net profit attributable to the parent company amounted to NT$817 million, a 1% growth year-over-year. EPS equaled NT$1.22, based on a par value of NT$1 per share, equivalent to 1.22 times the Company's capital.
Furthermore, former President Canon Huang has retired upon reaching the age limit. In alignment with the Company's strategic direction and operational needs, the Board of Directors has approved the appointment of Thomas Huang, currently serving as Sales President and Head of the Lead Frame Division, to the position of President, effective August 7.
For CWE's financial data, please refer to the table below or visit the official website at:https://www.cwei.com.tw/
Unit: NT$ Million
| Period | Q2 2024 | Q1 2024 | Q2 2023 | QoQ | YoY |
|---|---|---|---|---|---|
| Consolidated revenue | 4,255 | 4,019 | 4,179 | 6% | 2% |
| Gross profit | 879 | 727 | 770 | 21% | 14% |
| Gross margin | 20% | 18% | 18% | Up 2 % | Up 2 % |
| Profit from operations | 486 | 387 | 389 | 26% | 25% |
| Operating margin | 11% | 10% | 9% | Up 1 % | Up 2 % |
| Profit before income tax | 852 | 686 | 978 | 24% | -13% |
|
Net profit attributable to owners of the Corporation |
497 | 320 | 592 | 55% | -16% |
| After-tax EPS (NT$) | 0.74 | 0.48 | 0.88 | 54% | -16% |
Unit: NT$ Million
| Period | H1 2024 | H1 2023 | YoY |
|---|---|---|---|
| Consolidated revenue | 8,274 | 8,345 | -1% |
| Gross profit | 1,606 | 1,572 | 2% |
| Gross margin | 19% | 19% | Flat |
| Profit from operations | 874 | 850 | 3% |
| Operating margin | 11% | 10% | Up 1% |
| Profit before income tax | 1,537 | 1,453 | 6% |
| Net profit attributable to owners of the Corporation | 817 | 806 | 1% |
| After-tax EPS (NT$) | 1.22 | 1.19 | 3% |
Note: As of June 30, 2024, the total number of shares outstanding was 703,286 thousand shares.