CTCI Corporation achieved record earnings last year, fueled by orders from Taiwan Power Company’s grid resilience program, prompting the electrical engineering firm to announce its highest dividend payout ever.
The Taiwanese electrical engineering company reported earnings per share of NT$7.33 ($0.23) for 2023, more than doubling from NT$3.25 the previous year, according to a board meeting held on March 5. This exceeded market expectations of around NT$7 per share.
Annual consolidated revenue climbed to NT$25.61 billion ($810 million), while net income after tax reached NT$3.62 billion ($114.5 million). The company’s core business generated an operating profit of NT$4.58 billion ($144.9 million).
For the fourth quarter alone, CTCI posted consolidated revenue of NT$6.95 billion ($220 million) and net income of NT$852 million ($27 million), translating to earnings per share of NT$1.72 ($0.05).
The board approved a cash dividend of NT$4.6 ($0.15) per share, representing a payout ratio of 62.76%. Based on the closing price of NT$150 on March 5, this offers a dividend yield of 3.07%.
CTCI is the first among Taiwan’s “Big Four” electrical engineering firms benefiting from Taiwan Power’s grid resilience program to hold its board meeting this year. The company will present the dividend proposal to shareholders at its annual meeting scheduled for May 23.
