Hsinchu, Taiwan, May 9, 2019 – Sino-American Silicon Products Inc. (SAS) today announced Q1 2019 earnings results: consolidated revenue of NT$17.5 billion, gross profit of NT$6.49 billion, operating profit of NT$5.06 billion, income before tax of NT$5.26 billion, net income attributable to the parent company of NT$1.83 billion, and EPS of NT$3.15.
GlobalWafers Co., Ltd. (GWC), its semiconductor subsidiary, announced consolidated revenue of NT$15.59 billion, net income of NT$5.2 billion, net income attributable to the parent company of NT$3.86 billion and EPS of NT$8.88 for Q1 2019, outstandingly hitting a quarterly historic high in operating profit, income before tax and EPS.
SAS’ operating profit margin for Q1 was 28.9% while net profit margin was 21.2%.
Year over year, consolidated revenue increased 3.6% while gross margin increased 40%. Operating income increased 52.1% with a 157.7% rise in net income attributable to the parent company and an increase in EPS of NT$3.15, almost approaching the 2018 full-year EPS of NT$3.36. SAS successfully achieve a record high in Q1 in gross profit, operating profit, net income, net income attributable to the parent company and EPS. Both the improvement in the solar business that moderated its losses and nearly 90% of revenue injection contributed from GWC’s remarkable operating performance made SAS’ Q1 2019 results much more superior to the peers.
Through the observation of the global solar industry in 2019, the market visibility is still unclear due to the US-China trade tensions and the impact of national solar policy. Looking into the future, SAS will continue to introduce new innovative products of high conversion efficiency in cell and module ranges so as to enhance the profitability of its business operations. With a stable financial structure and a high net cash position, SAS will continue its transformation and investment by developing strategic deployment for a promising future.
The US Department of Commerce (DOC) recently announced the preliminary results of the third administrative review of the solar cell factories in Taiwan. The tax rate of SAS is 1%, which is the lowest tax rate for solar plants in Taiwan. Furthermore, the results of the fifth domestic corporate governance evaluation were released. SAS once again ranked among the top 5 percent of the companies, the best witness to the implementation of the corporate governance blueprint and the fulfillment of corporate social responsibility. For five consecutive years, SAS has been ranked in the top 5 percent in the corporate governance evaluation and proved itself one of the most sophisticated and outstanding corporate governance companies. In addition, the subsidiary, GlobalWafers, was also selected as one of the top 5 percent company in the corporate governance evaluation this year, presenting to the industry a rare parent-child ranking among the listed companies. The honor also proved that the SAS Group has succeeded in cultivating in the culture of corporate governance for creating excellent performance.
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