Oriental Wind Power Reports H1 Contract Revenue Up 2x YoY, Driving Profit of NT$864 Million and EPS of NT$4.92

Oriental Wind Power (7786-TW) has released its latest financial report. Cumulative revenue for the first half of this year reached NT$6.067 billion, up nearly 40% year-on-year, with after-tax net profit reaching NT$864 million, up over 10% year-on-year, and earnings per share (EPS) at NT$4.92. Oriental Wind Power stated that a 2x year-on-year increase in customer contract revenue drove its operational performance.

Second-quarter revenue was NT$4.294 billion, up 1.42 times quarter-on-quarter and 33.89% year-on-year; gross margin was 22.26%, up 2.47 percentage points quarter-on-quarter but down 9.26 percentage points year-on-year; operating margin was 19.96%, up 4.17 percentage points quarter-on-quarter but down 9.29 percentage points year-on-year; after-tax net profit was NT$653 million, up 2.09 times quarter-on-quarter and 30.6% year-on-year, with EPS at NT$3.71.

Oriental Wind Power noted that the full deployment of all vessels into operations, combined with a 1.46x year-on-year increase in customer contract revenue, boosted second-quarter gross margin on a quarter-over-quarter basis.

Cumulative revenue for the first half of this year was NT$6.067 billion, up 39.15% year-on-year; gross margin was 21.54%, down 8.39 percentage points year-on-year; operating margin was 18.74%, down 8.14 percentage points year-on-year; after-tax net profit was NT$864 million, up 14.3% year-on-year, with EPS at NT$4.92.

Looking ahead to the second half, Oriental Wind Power stated that the telecom submarine cable project will be recognized in the second half; the newly built operation and maintenance support vessel 'Oriental Pioneer' will arrive in Taiwan by the end of September and begin O&M services for Vestas turbines at the Zhangfangxi Island and Zhongneng Wind Farm on November 1, launching a 12-year O&M long-term contract business. For overseas markets, Oriental Haiwei will serve offshore wind power, natural gas, and subsea infrastructure markets in Norway, the UK, and Germany in the fourth quarter.

Oriental Wind Power further indicated that five large new vessels will be delivered sequentially from the fourth quarter of this year through the second quarter of 2028, supporting the development of high-margin businesses and continuously advancing operational portfolio upgrades. Additionally, four major long-term contracts have secured over NT$2 billion in backlog, and with the expansion of new projects, further growth is expected. The company will continue to aim for 70% order backlog and 40% contribution from new businesses by 2030.