Taiwan Cement Reports H1 EPS of NT$0.38, Plans Overseas IPO for Cimpor International Integrating Turkish, Portuguese, and African Cement Operations

Taiwan Cement (1101-TW) announced its financial results for the first half of 2024 today (12th), reporting a net profit of NT$3.28 billion, a year-on-year increase of 241%, with earnings per share (EPS) of NT$0.38. Additionally, the board of directors approved the integration of its cement and concrete building materials operations in Turkey, Portugal, and Africa into a newly established subsidiary, Cimpor International Holdings, and will proceed with an application for an initial public offering (IPO) and listing on an overseas securities exchange.

Taiwan Cement stated that Cimpor International is currently considering the London Stock Exchange in the UK or Euronext as potential listing venues. The company plans to hold an extraordinary shareholders' meeting on October 13 to discuss the overseas IPO proposal for Cimpor International. Meanwhile, NHOA Energy, which focuses on global energy storage development and deployment, and Atlante, which operates integrated charging and energy storage businesses in Europe, will not be included in this listing and will be evaluated separately in the future.

The primary objectives of pursuing an overseas listing for Cimpor International are to strengthen its capital structure, establish diversified funding channels, enhance visibility in international capital markets, and attract global professional talent. With clearer business positioning and independent fundraising capabilities, the company expects to support the long-term development of cement and concrete building materials operations across Europe, Asia, Africa, and neighboring markets, thereby further improving the group’s overall revenue and profitability.

The IPO is expected to proceed through a combination of new share issuance and transfer of existing shares, in compliance with listing regulations. The public float is anticipated to be no less than 10% of Cimpor International’s total share capital. The actual issuance size, equity ratio, pricing, and transaction terms will be determined based on funding requirements, market conditions, investor subscription interest, and consultations with regulatory authorities, exchanges, and securities underwriters.

Taiwan Cement emphasized that although its ownership stake in Cimpor International may be diluted due to share dispersion after the IPO, it will maintain control through TCC Dutch Holdings and continue to consolidate Cimpor International into its financial statements. Additionally, the existing operations of OYAK Çimento Fabrikaları A.Ş. and its listing status on the Borsa Istanbul will remain unaffected.

For the first half of 2024, Taiwan Cement achieved revenue of NT$71.29 billion, up 1% year-on-year, with a gross margin of 18.2%—an increase of 2.2 percentage points—and operating profit of NT$5.17 billion, up 51% year-on-year. The profit growth was primarily driven by simultaneous increases in sales volume and prices in its Turkish and Portuguese cement operations, as well as improved performance from Heping Power, which benefited from increased operating days and higher energy rates.

However, cement operations in both Taiwan and mainland China continue to face market challenges. In Taiwan, weak housing demand, imported cement competition, and reduced ready-mix concrete sales have led to declines in volume and gross margin. In mainland China, cement prices and margins are under pressure due to supply-demand imbalances and intensified competition.

As of the second quarter of 2026, Taiwan Cement’s total assets amounted to NT$596 billion, with total liabilities of NT$296.6 billion, resulting in a debt-to-total-assets ratio of approximately 49.8%, maintaining a sound financial structure. Facing evolving global industrial conditions, the company stated it will continue to strengthen its low-carbon building materials, energy businesses, and international market presence, enhancing operational efficiency and financial resilience to steadily advance corporate transformation.