We drive business transformation and deliver performance in response to shareholders' support and encouragement.
TSRC delivered stable operating and financial performance amidst a turbulent 2022 by leveraging portfolio strength, business resilience, and proactive pricing actions to mitigate the negative impacts from weakened global demand and inflationary pressure.
In 2022, the sales volume was 521,000 metric tons, a decrease of 4% versus 2021. Consolidated revenue was NTD 33,841 million, an increase of 4% compared to NTD 32,533 million in 2021. Gross profit decreased 19% to NTD 5,513 million and gross margin was 16%. Operating profit was NTD 2,675 million, a decrease of 32% from 2021, and operating profit margin was 8%. As a result, TSRC delivered net income of NTD 1,783 million with an EPS (earnings per share) of NTD 2.16 in 2022 and achieved its annual business objectives and budget plan.
The integration of ESG objectives in business operation is beyond the fulfilment of corporate social responsibility – it is to ensure enterprise sustainability for a company in the petrochemical industry. In addition to the existing product offerings, TSRC continues to invest in green product innovation in support of new business growth and assist consumers to achieve their ESG targets through better energy efficiency, low-carbon application products, and enhanced material recycling. The development of TPE for medical applications and SSBR for green tires are examples of how technology innovation can reduce the overall impacts to the environment. TSRC is dedicated to technology innovation and was granted 10 patents in 2022.
Global economic growth and political situation remain volatile and uncertain in 2023 due to geopolitical tension, US-China competition, and inflationary pressure, with the International Monetary Fund (IMF) recently downgraded its 2023 global economic growth forecast to 2.7%. TSRC remains focus on operational resilience and customer collaboration while continuing to progress key projects including Shenhua relocation and the 2030 ESG objectives to strengthen competitiveness in the upcoming low-carbon economy.
2023 marks TSRC’s 50th anniversary. Remaining true to TSRC’s mission of value creation, technology innovation, and supply reliability, TSRC strives to be an essential partner to the customers by offering valuable solutions and create stable earnings growth for shareholders whose unwavering support is greatly appreciated. TSRC is determined to work towards delivering positive business growth and impact in the next 50 years.
Nita Ing
Chairman