Giga-Byte Technology (2376) Q2 2024 earnings summary

Executive summary

• Operating revenue for the six months ended June 30, 2024 was NT$129,087,759 thousand, up 138% year-over-year from NT$54,163,816 thousand.

• Net profit for the six months ended June 30, 2024 was NT$5,350,232 thousand, a 180% increase from NT$1,913,831 thousand year-over-year.

• Gross margin for the six months ended June 30, 2024 was 11%, consistent with the prior year.

Financial highlights

• Operating income for the six months ended June 30, 2024 was NT$6,927,933 thousand, up from NT$2,262,197 thousand year-over-year.

• Basic EPS for the six months ended June 30, 2024 was NT$7.84, compared to NT$3.01 for the same period last year.

• Cash and cash equivalents as of June 30, 2024 were NT$16,022,002 thousand, down from NT$23,166,075 thousand at December 31, 2023.

• Total assets as of June 30, 2024 were NT$106,319,053 thousand, up from NT$82,150,420 thousand at December 31, 2023.

• Total liabilities as of June 30, 2024 were NT$66,855,543 thousand, up from NT$44,216,259 thousand at June 30, 2023.

Outlook and guidance

• New standards and amendments effective from 2024 and 2025 are not expected to have significant impact.

• Pillar Two global minimum tax rules are being assessed, with no significant impact expected as of June 30, 2024.