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China Airlines Ltd.

Company Background

Founded in December 1959 by the Taiwanese government, China Airlines is Taiwan's flagship carrier and its largest. It is a member of the SkyTeam global airline alliance and offers both passenger and air cargo services.

The government-controlled airline flies to major destinations in North America, Europe and Asia. Traditionally a long-haul carrier with a fleet of 90 passenger and cargo jets, it mainly relies on Airbus A330 and Boeing 747 planes for intercontinental flights.

Now it mostly depends on regional passenger flights, particularly to China, Japan and South Korea, for revenue growth. Passenger flights account for more than two-thirds of the company's annual revenue, with the remainder coming from cargo services and onboard sales of duty-free goods.

In 2013, it created Tigerair Taiwan with Singapore-based Tigerair to tap Asia's budget air travel market.

Company President Chang Yu-Hern is a veteran in the local transportation sector. Previously he served as director-general of the Institute of Transportation under Ministry of Transportation and Communications. Before that, he was a director and consultant at the China Aviation Development Foundation, a government-controlled entity that is responsible for growing Taiwan's aviation industry.

Business Summary

China Airlines Ltd. engages in the provision of international air passenger transport and freight services. Its business includes air passenger transport in regular or occasional international charter contract; air cargo services; civil aviation international airport and transit of aircraft handling services; aircraft merchandise sales; aircraft catering; aircraft internal products such as cloth laundry washing and hospitality industry general business; in, out, and transit air cargo warehousing services; and aircraft airframe maintenance. The company was founded on September 07, 1959 and is headquartered in Taoyuan, Taiwan.

Financial Highlights

Dec 2021 TWDUSD
Gross Profit22,302.50M798.46M
Operating income14,968.30M535.88M
Income before tax11,528.02M412.71M
Net income9,379.90M335.81M
Diluted EPS1.530.05
Dividends Per Share0.830.02
Total Assets294,721.08M10,652.44M
Total liabilities217,516.06M7,861.93M
Total equity74,043.57M2,676.24M
Operating cash flow49,765.97M1,781.69M
Currency in TWDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 156,121.78M 170,711.60M 168,444.16M 115,250.55M 138,841.40M
Gross Profit 21,041.46M 16,349.48M 14,827.94M 9,031.26M 22,302.50M
Operating income 8,826.43M 4,022.66M 2,666.09M 2,184.68M 14,968.30M
Income before tax 2,987.72M 2,714.00M -429.12M -452.96M 11,528.02M
Net income 2,208.06M 1,790.36M -1,199.79M 140M 9,379.90M
EBITDA 27,425.31M 23,539.44M 35,465.45M 33,558.59M 44,917.74M
Diluted EPS 0.39 0.31 -0.22 0.02 1.53
Dividends Per Share 0.21 0.20 0 0 0.83
Total Assets 225,899.63M 230,136.58M 293,047.97M 284,194.08M 294,721.08M
Total liabilities 166,888.70M 170,089.49M 232,915.86M 223,482.51M 217,516.06M
Total equity 56,876.64M 57,081.57M 56,553.77M 57,559.48M 74,043.57M
Operating cash flow 28,469.88M 25,188.00M 37,805.35M 9,481.88M 49,765.97M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 5,131.75M 5,661.23M 5,449.02M 3,914.15M 4,970.71M
Gross Profit 691.63M 542.19M 479.67M 306.72M 798.46M
Operating income 290.12M 133.40M 86.24M 74.19M 535.88M
Income before tax 98.20M 90.00M -13.88M -15.38M 412.71M
Net income 72.57M 59.37M -38.81M 4.75M 335.81M
EBITDA 901.47M 780.62M 1,147.27M 1,139.72M 1,608.11M
Diluted EPS 0.01 0.01 -0.00 0.00 0.05
Dividends Per Share 0.00 0.00 0 0 0.02
Total Assets 7,591.09M 7,487.28M 9,775.76M 10,114.38M 10,652.44M
Total liabilities 5,608.10M 5,533.70M 7,769.81M 7,953.68M 7,861.93M
Total equity 1,911.27M 1,857.09M 1,886.57M 2,048.52M 2,676.24M
Operating cash flow 935.81M 835.29M 1,222.97M 322.02M 1,781.69M

Valuation Measures

Dec 2021
Operating margin10.78%
Profit margin6.75%

Key executives

  • President: Shing-Hwang Kao
  • Vice President-Flight Operations: Ming Hui Lai
  • Chief Financial Officer: Wang Wei
  • Vice President-Information Management: Shih-Ming Lu
  • Senior Vice President: I-Chieh Chen


  • China Aviation Development Foundation (31.1%)
  • National Development Fund of The Executive Yuan (8.6%)
  • The Vanguard Group, Inc. (1.4%)
  • Labor Pension New Fund (1.2%)
  • China Airlines Ltd. Employee Stock Ownership Trust Plan (1.0%)
  • Dimensional Fund Advisors LP (0.9%)
  • BlackRock Fund Advisors (0.8%)
  • Norges Bank Investment Management (0.4%)
  • Arrowstreet Capital LP (0.4%)
  • BlackRock Advisors (UK) Ltd. (0.4%)

Contact Details

  • Website:
  • Address: No. 1 Hangzhan South Road, Dayuan District, Taoyuan, 337 58, Taiwan
  • Phone: +886.3.399.8888

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Last Updated on 4 Oct, 2022

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