Taiwan Cement Corporation (TCC) reported its financial results for 2023, showing a revenue of 109.314 billion yuan, a decrease of 4% year-on-year. However, the company witnessed a substantial increase in profitability, with operating profit reaching 10.03 billion yuan, up by 763% from the previous year, and a net profit margin improving to 7.3%. The after-tax net profit rose by 48% to 7.998 billion yuan, with earnings per share at 1.06 yuan. A significant portion of this profit, 45%, was attributed to TCC’s European low-carbon cement sector, emphasizing the company’s successful diversification and focus on sustainable products.
The financial uplift was primarily driven by profits from its power energy business and the European low-carbon cement sector, reflecting the strategic foresight of TCC’s Chairman, Zhang Anping, in diversifying the company’s portfolio since early 2018. TCC’s strategic investments, such as expanding stakes in cement plants in Tubula and Portugal and delving into high-end energy solutions like ternary lithium batteries, aim to bolster its global presence.
Over the past six years, TCC has transitioned towards a low-carbon business model, focusing on environmental protection and energy sectors, particularly in energy storage. This shift aligns with the company’s strategy to evolve beyond its cement industry origins, targeting new growth areas in the changing global market, thereby securing TCC’s position and ensuring sustainable long-term growth amidst global economic and environmental challenges.
