Hsinchu, Taiwan, May 10, 2024 –Sino-American Silicon Products Inc. (SAS) today (5/10) held the Board meeting and approved Q1 2024 earnings results.Q1 2024 consolidated revenue totaled NT$19.7 billion with YoY -5.8%, reaching the second highest record for the same period of the year. Q124 gross profit of NT$6.2 billion, with YoY -18.4%, gross profit margin of 31.5%, with YoY -4.8%; operating income of NT$4.4 billion, YoY -24.9%, operating income margin of 22.1%, with YoY -5.6%; net income of NT$4.0 billion, with YoY -16.1%, net income margin of 20.1%, with YoY -2.5%; net income attributed to the parent company NT$1.9 billion, with YoY -23.0%, net income attributed to the parent company margin of 9.70%,and EPS of NT$3.40. Its semiconductor subsidiary,GlobalWafers (GWC), Q124consolidated revenue totaled NT$15.1 billion. Q124 gross profit of NT$5.2 billion, operating income of NT$4 billion, net income of NT$3.5 billion, and EPS of NT$8.1. The quarterly net income and EPS of Q124 both achieved the third highest record over the same period in history, with double-digit growth in monthly revenue for two consecutive months!
Today the Board of Directors also approved the cash dividend payment plan for the second half of 2023 and resolved to distribute a cash dividend of NT$5.3 per share, with a total amount of NT$3.1 billion for the second half of 2023. The ex-dividend record date is July 31, and the cash dividend payment date is August 23. If the cash dividend of NT$3.5 per share with a total amount of NT$2.1 billion distributed in the first half is included, an annual cash dividend of NT$8.8 per share with total annual amount of NT$5.2 billion is distributed throughout 2023. The dividend payout ratio is as high as 51.80%! SAS Annual General Shareholders’ Meeting will be convened at 9 a.m. on June 20 at the Hsinchu Science Park Life Hub, Taiwan.
As international supply chains intensify efforts on carbon reduction commitments like RE100/ESG/Carbon Neutral, and the Russia-Ukraine war pushes energy prices higher, countries around the world are formulating green policies and climate targets to embrace renewable energy. This is stimulating stable growth in renewable energy, with solar power in particular experiencing strong and continuous market demand due to lower module prices. PV Infolink estimates global solar power demand in 2024 to be between 492GW and 538GW, representing a year-on-year growth rate of around 10%. The global solar supply and demand situation in 2024 is anticipated to witness demand gradually increase in the first half of the year, followed by a robust second half. Overall, the supply chain is expected to see prices and supply-demand dynamics stabilize.
SAS grasps the international trends of carbon reduction, energy transition, and circular economy, and persistently cultivates green energy solutions. Beyond expanding the installation scale of solar power plants, SAS will also actively promote green electricity trading, further strengthening its revenue impetus. Simultaneously, SAS will assist affiliated enterprises within the group to elevate the proportion of renewable energy usage, making the manufacturing footprint more environmentally friendly. Furthermore, with the government’s energy policy expected to be extended and customer demand recovering, the solar energy business is anticipated to experience growth this year compared to last year. The performance of related enterprises such as Actron (Actron Technology Corporation), AWSC (Advanced Wireless Semiconductor Company), and TSC (Taiwan Speciality Chemicals Corporation) is also projected to grow together this year. Among them, TSC’s main product, silane, has already been qualified by various customers with consistent shipment. It is planned to be listed in Taipei Exchange from the emerging stock market this year, which will increase liquidity, and bring more opportunities and advantages.
The results of the 10th Corporate Governance Evaluation have been announced. SAS has been ranked among the top 5% of all Taipei Exchange-listed companies for ten consecutive years. This honor reflects SAS’s commitment to a robust, transparent, and responsible corporate culture. SAS will continue to refine its corporate governance, strengthen its sustainability performance, and fulfill its social responsibility.
