Giant Group has released consolidated financial statements which have been approved by its Board of Directors. Consolidated revenue for 2019 was NT$ 63.45 billion (approx. US$2.1 billion), an increase of 5.3% over 2018, and a record high. Net profit for the group before tax was NT$ 4.81 billion (approx. US$158 million), an increase of 13.3% over 2018; while net profit after tax was NT$ 3.37 billion (approx. US$111 million), an increase of 17.8% over 2018. After-tax earnings per share were NT$ 9.

According to a press release from the company, the main growth momentum for the group in 2019 came from the hot sales of e-bikes in Europe and the recovery of the domestic sales market in China. Major growth performance of its own-branded products in global markets was led by Giant Europe, which witnessed a double-digit increase in revenue compared to 2018. Giant America's revenue also increased due to product optimization. Benefiting from the recovery in domestic market demand in 2019, Giant China witnessed a synchronized growth in sales value, and its annual revenue was better than expected.

In terms of manufacturing, Giant Group's factories in Kunshan and Tianjin, China have resumed normal operations; while the new Hungarian plant is expected to begin production in the middle of this year. The Group's high-end bicycle production base in Taiwan has continued to strengthen its automated production.

The financial statements will be submitted for approval at the shareholders' meeting scheduled for June 19. The board of directors also plans to propose a cash dividend of NT$ 4.6 per share at the ordinary shareholders' meeting. Compared with the past few years, Giant's dividend rate in 2019 has slightly decreased. The main consideration is the group's long-term development strategy, the layout of enhanced smart manufacturing, short chain supply, and enhanced logistics efficiency. In addition, it is expected that the global economy will be affected by the coronavirus pandemic this year.

Looking ahead to 2020, Giant believes the COVID-19 pandemic will impact global economic momentum, and that the global economy is full of uncertainties which will bring challenges to the group's operations. Giant will closely observe the subsequent development of the pandemic and take necessary countermeasures to reduce the impact on the group's operations.