August 9, 2024 – The Board of Directors of Giant Group today approved the financial results for the first half of 2024. The company reported consolidated revenue of NT$37.23 billion, a decrease of 12.6% compared to the same period last year. The gross margin stood at 21.3%, with a net profit after tax of NT$1.67 billion, down 17.1% year-on-year. Earnings per share (EPS) for the first half reached NT$4.27. During this period, Giant Group continued its efforts to reduce inventory levels, bringing stock levels back to those seen in 2021.
In the second quarter, Giant Group's consolidated revenue was NT$21.17 billion, a 5.8% decline compared to the same period last year. However, due to an increase in the revenue contribution from its own brands, the gross margin rebounded to 22.2%. Net profit after tax for the second quarter was NT$1.15 billion, representing a slight 2.5% decrease year-on-year, with an EPS of NT$2.94 for the quarter.
Despite ongoing market adjustments in Europe and the United States, Giant Group's domestic sales in China continued to show strong performance, with revenue in the first half of the year growing by more than 40% compared to the same period last year. Giant has been deeply rooted in the Chinese market for over 30 years, offering consumers seamless offline and online experiences through more than 3,000 exclusive stores and integrated cycling apps, enhancing the joy of cycling.
In July, Giant Group made a highly anticipated return to the Eurobike Show in Frankfurt, Germany, after a seven-year hiatus. The company showcased its leading capabilities in product research and development, advanced e-bike technology, and ESG initiatives. The innovative and diverse range of bicycles and e-bikes, along with the Bike Fitting System (DCF) developed for a more comfortable riding experience, attracted significant attention from both the media and the public.
Looking ahead to the second half of the year, inventory adjustments in the European and American markets are expected to gradually normalize, while the growing cycling culture in China is expected to continue driving sales growth. Giant Group’s operations are anticipated to improve steadily.
At the Paris Olympics, Giant Group sponsors several athletes from various countries, who compete on Giant, Liv, and CADEX products. In the triathlon events, athletes sponsored by Giant delivered outstanding performances, securing one gold, one silver, and two bronze medals. Since 1998, Giant has been committed to sports sponsorship, with athletes’ exceptional achievements not only demonstrating the superior performance of its products but also significantly enhancing the global prominence of its brands.
