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Process Industries

Formosa Plastics Corp.

Company Background

Founded in 1954 by the late tycoon Wang Yung-ching with financial aid from the U.S. government, Formosa Plastics is the flagship company of Formosa Plastics Group, one of Taiwan's largest family-controlled conglomerates, with business interests in a wide range of sectors, including plastics, chemicals, electronics components, healthcare and education.

Formosa Plastics is Taiwan's biggest petrochemical company by market cap and a global leader in the polyvinyl chloride, or PVC, sector. The company makes and sells PVC resin, chemical and fiber products.

Since Wang passed away, his family has gradually reduced their involvement in the group's day-to-day decisions by bringing in external managers or allowing non-family executives to oversee the conglomerate's operations. The Wangs still maintain a controlling stake in the group.

The current chairman is Jason Lin, a longtime company employee who rose through the ranks. Lin joined Formosa Plastics in 1967, but left the company in 1987 and rejoined in 1999. He has a master's degree from Wageningen University in the Netherlands.

Business Summary

Formosa Plastics Corp. manufactures and sells intermediate raw materials for plastics. Its products include polyvinyl chloride, high-density polyethylene, low-density polyethylene, linear low-density polyethylene, polyethylene wax, polypropylene, polyoxymethylene, masterbatch, liquid caustic soda, liquid chlorine, acrylonitrile, acetonitrile, methyl methacrylate, methacrylic acid, epichlorohydrin, methyl tert-butyl ether, acrylic acid and esters, carbon fibre, sodium hypochlorite, chlorinated solvent, hydrogen, lithium-ion battery electrolyte, calcium carbonate, distributed control systems systems, warehouse management systems, and learning management systems. Its products are used in packaging materials, bottles, articles of clothing, toy dolls, medical materials, sports equipment, sporting goods, auto parts, generation timber, motor parts, wires and cables, ships aerospace, paint coating, chemical building materials, waterproof insulation, furniture furnishings, tool parts, 3C parts coated, 3C shell timber, masterbatch pigments, additives, clean bleach, bottle box barrels, and dry water retention. The company was founded by Yung-Ching Wang and Yung-Tsai Wang on November 5, 1954 and is headquartered in Kaohsiung, Taiwan.

Financial Highlights

Dec 2020 TWDUSD
Gross Profit27,392.72M930.31M
Operating income17,085.41M580.25M
Income before tax18,953.78M643.71M
Net income20,036.19M680.47M
Diluted EPS3.140.10
Dividends Per Share2.400.08
Total Assets479,280.42M17,057.45M
Total liabilities146,744.28M5,222.58M
Total equity332,536.14M11,834.86M
Operating cash flow31,444.45M1,067.92M
Currency in TWDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 180,173.19M 206,709.75M 230,370.02M 207,848.57M 185,813.40M
Gross Profit 23,910.38M 33,128.74M 36,983.13M 31,420.26M 27,392.72M
Operating income 12,994.52M 21,923.89M 25,327.59M 20,183.70M 17,085.41M
Income before tax 43,813.94M 54,904.34M 33,012.80M 27,485.03M 18,953.78M
Net income 39,392.54M 49,382.85M 49,549.54M 37,324.16M 20,036.19M
EBITDA 21,957.51M 30,373.99M 32,779.49M 27,574.71M 25,086.96M
Diluted EPS 6.19 7.76 7.78 5.86 3.14
Dividends Per Share 4.60 5.70 5.80 4.40 2.40
Total Assets 455,666.07M 476,071.03M 501,513.26M 497,087.95M 479,280.42M
Total liabilities 142,595.58M 131,060.87M 145,945.26M 147,934.63M 146,744.28M
Total equity 313,070.48M 345,010.16M 355,568.00M 349,153.32M 332,536.14M
Operating cash flow 36,606.27M 46,081.53M 50,507.27M 46,580.42M 31,444.45M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 5,586.62M 6,794.58M 7,639.66M 6,723.72M 6,310.62M
Gross Profit 741.38M 1,088.94M 1,226.45M 1,016.41M 930.31M
Operating income 402.92M 720.64M 839.92M 652.92M 580.25M
Income before tax 1,358.53M 1,804.71M 1,094.78M 889.11M 643.71M
Net income 1,221.44M 1,623.22M 1,643.19M 1,207.40M 680.47M
EBITDA 680.83M 998.39M 1,087.05M 892.01M 852.00M
Diluted EPS 0.19 0.25 0.25 0.18 0.10
Dividends Per Share 0.14 0.18 0.19 0.14 0.08
Total Assets 14,138.38M 15,997.81M 16,316.27M 16,582.31M 17,057.45M
Total liabilities 4,424.44M 4,404.14M 4,748.19M 4,934.93M 5,222.58M
Total equity 9,713.93M 11,593.66M 11,568.07M 11,647.37M 11,834.86M
Operating cash flow 1,135.04M 1,514.70M 1,674.95M 1,506.83M 1,067.92M

Valuation Measures

Dec 2020
Operating margin9.19%
Profit margin10.78%

Key executives

  • Chairman & General Manager: Chien Nan Lin
  • Chief Financial Officer: Chen Hsiao Lei
  • Deputy General Manager: Kuang Ming Chen
  • Deputy General Manager: Chien Shan Yang
  • Director & Executive Deputy General Manager: Chin Lung Huang


  • Chang Gung Medical Foundation (9.4%)
  • Formosa Chemicals & Fibre Corp. (7.6%)
  • Nan Ya Plastics Corp. (4.6%)
  • Everred Corporate, Inc. (4.1%)
  • Landmark Capital Holdings, Inc. (3.0%)
  • The Vanguard Group, Inc. (2.3%)
  • Formosa Petrochemical Corp. (2.0%)
  • GIC Pte Ltd. (Investment Management) (1.6%)
  • Labor Pension Fund Supervisory Committee (1.5%)
  • BlackRock Fund Advisors (1.4%)

Contact Details

  • Website:
  • Address: 100 Shuiguan Road, Renwu District, Kaohsiung City, 814, Taiwan
  • Phone: +886.2.2712.2211

Related Companies

  • Formosa Plastics International (Cayman) Ltd.
  • Formosa Industries Corp. (New Jersey)
  • Fujian Fuxin Special Steel Co., Ltd.
  • Formosa PS (Ningbo) Co. Ltd.
  • Formosa Polypropylene (Ningbo) Co. Ltd.
  • Formosa Plastics (Cayman) Ltd.
  • Formosa Technologies Corp.
  • Formosa Ha Tinh Steel Corp.
  • World Pak Corp.
  • Formosa Plastics Marine Corp.
  • ITC-Formosa LLC
  • Tai Hsu Fibers Corp.
  • Formosa Plastics Corp. USA
  • Borden Chemicals & Plastics Operating LP /Plyvnyl Chlrd Ops/


  • China Petrochemical Development Corporation
  • Westlake Chemical Corporation
  • Shin-Etsu Chemical Co Ltd
  • ENEOS Holdings, Inc.
  • Asahi Kasei Corporation
  • Sasol Limited
  • National Industrialization Co.
  • Wanhua Chemical Group Co. Ltd. Class A
  • LG Corp
  • Petkim Petrokimya Holding Anonim Sirketi
  • Sumitomo Corporation
  • Sumitomo Chemical Co., Ltd.
  • China General Plastics Corporation
  • Taiwan Fertilizer Co., Ltd.
  • USI Corporation
  • An Phat Plastic and Green Environment Joint Stock Company
  • Asia Polymer Corporation
  • Chemtrade Logistics Income Fund
  • Superior Plus Corp
  • Ledtech Electronics Corp.
  • Shandong Ruifeng Chemical Co., Ltd. Class A
Last Updated on 14 Jan, 2022

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