We drive business transformation and deliver performance in response to shareholders' support and encouragement.
The petrochemical industry continued to face tough challenges in 2024, due to oversupply, price competition and escalating operating & production cost, although the global economic recovery was supported by decreased inflation. Against the headwinds, TSRC demonstrated resilience through agile business operation & product mix optimization; Synthetic Rubber business expanded sales volume with increased production to capture strong demand of Asian automotive market; despite oversupply and margin compression, Advanced Materials business delivered year-over-year improvement.
In 2024, the sales volume was 555 thousand metric tons, an increase of 3% versus 2023. Consolidated revenue was NTD 37,209 million, an increase of 18% compared to NTD 31,427 million in 2023. Gross profit increased 24% to NTD 4,116 million and gross margin was 11%. Operating profit was NTD 1,377 million, an increase of 45% from 2023, and operating profit margin was 4%. As a result, TSRC delivered net income of NTD 862 million with an EPS (earnings per share) of NTD 1.04 in 2024.
TSRC upheld commitment to achieving its annual ESG targets, including carbon emissions reduction and wastewater recycling, and its results have been recognized by leading sustainability rating institutions such as EcoVadis. In addition, TSRC successfully completed the new plant construction under its subsidiary’s relocation project, and initiated improvement actions to address underperforming business segments and assets. To drive future growth, TSRC continued to advance material technology for high-performance green tires & medical applications and was granted 15 patents in 2024 which support the pursuit of profitable business growth and lowering of environmental impact.
2025 global economic growth projection is expected to remain similar to that of 2024 amid market uncertainties, structural challenges in mainland China, and ongoing geopolitical disruptions. The supply-demand imbalance in the synthetic rubber and elastomer industry has yet to recover. In response to the industrial challenges, TSRC will accelerate the volume ramp-up of the new plant, leverage favorable factors such as stable Asian automotive demand and supportive natural rubber prices, continue optimizing plant utilization & cost structure, and advance its transformation toward a high-value-add business portfolio with sustainable values for customers and shareholders.
Nita Ing
Chairman