Taiwan’s Fortune Electric Co., Ltd. reported record profits for 2024, with net income soaring 66.3% to NT$4.29 billion ($134.5 million), the company announced Sunday. Earnings per share reached NT$14.93, exceeding the company’s entire capital base for the first time.
The transformer manufacturer’s fourth-quarter profit jumped 40% year-on-year to NT$1.56 billion, with quarterly EPS of NT$5.45. The board approved a dividend of NT$10 per share, including NT$9 in cash and NT$1 in stock.
Fortune Electric’s strong performance stems primarily from robust foreign markets, with the company noting its order backlog now extends into 2027-2028. Under current supply constraints, Fortune Electric has shifted its strategy to prioritize high-margin orders from core customers.
The company sees multiple growth drivers, including Taiwan Power’s grid resilience projects, energy transition initiatives, and surging power demands from AI data centers. To meet anticipated demand, Hua Tong is expanding production capacity by 30-40% annually through 2026, with a third factory expected to begin shipments in 2026.
