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YAGEO reports fourth quarter and full year 2023 results

2024/02/29

YAGEO Corporation (2327 TW) today announced its fourth-quarter and full year results of 2023. 4Q23 net consolidated sales reported NT$ 27.361 billion, flattish q-o-q but down 5.1% y-o-y. 4Q23 net consolidated profits after tax attributable to parent company achieved NT$ 4.757 billion, down 1.9% q-o-q but up 14.3% y-o-y, or earnings per share of NT$ 11.38.

 

4Q23 gross margin rate posted 34.5%, up 1.3 percentage point q-o-q but down 2.0 percentage point y-o-y. The operating profit reached NT$ 5.075 billion with 18.5% operating profit margin rate, down 1.2 percentage point q-o-q and down 2.1 percentage point y-o-y. Non-operating items posted a net gain of NT$ 1.160 billion, mainly attributed to realized and unrealized net gain on foreign exchange of NT$ 442 million and net interest income of NT$ 478 million.

 

Y2023 consolidated sales reported NT$ 107.609 billion, down 11.1% y-o-y. Net consolidated profit after tax attribute to parent company achieved NT$ 17.469 billion, down 23.2% y-o-y, or earnings per share of NT$ 41.80. Gross margin rate posted 33.5%, down 4.5 percentage point y-o-y. The operating income reached NT$ 20.472 billion with 19.0% of operating profit margin rate, down 4.9 percentage point y-o-y. Non-operating items posted a net gain of NT$ 3.927 billion, mainly attributed to realized and unrealized net gain on foreign exchange of NT$ 1.471 billion and net interest income of NT$ 1.586 billion.

 

Moving forward, the client's inventory adjustment is estimated to end in the second quarter, and the supply chain’s inventory level is expected to become healthy gradually, despite macro uncertainties such as market demand/supply, rising inflation, and international conflicts are still there. The company will closely monitor the market dynamics and stay optimistic to AI demand and outlook.

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