Giant Group BOD today (Mar. 13) acknowledged Giant Group’s 2023 financial report with group consolidated sales of NT$76.95Billion, an annual decline of 16.4%. Although in 2023 China market experienced huge bicycle sales growth, however due to the weak demand of entry to mid-level products from both N. America and Europe and also the high inventory situation in the market affected Giant’s sales performance. Net profit before tax declined by 45.1% coming to NT$4.8billion; net profit after tax came at NT$3.4billion, a decrease of 41.8% and EPS of NT$8.68. The BOD also approved the cash dividend of NT$5 and will seek final approval by the shareholders in the AGM on June 21.

Total E-Bike sales in 2023 including both OB and OE contribute 30% of Giant Group’s sales revenue. E-Bikes not only align with the current green energy trend but through product diversification, new innovative products developments and offerings would cater more towards consumers’ lifestyle and broaden global cycling population. In 2023 even it has been a reduction in E-Bike demands and sales, however for mid to long term, E-Bikes would still be the main growth driver in cycling market.

Outlook for 2024, in short term the entire bicycle industry would still need to face the excess inventory challenge, the uncertainties and risks from the general economic environment, but Europe and N. America markets continue to show strong demands for performance level products and the new cycling culture in China market would continue to support further business growth. At the Taipei Bicycle Show held beginning of March, Giant has debuted the 10^th generation of Giant TCR as well as other innovative products which received positive feedbacks from both the market and consumers, hence Giant Group is optimistic with the long term development of the cycling industry.