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Non-Energy Minerals

Taiwan Cement Corp.

Company Background

Taiwan Cement is a cement and concrete maker that caters mainly to local and Chinese clients. It was founded in 1946 by the Taiwanese government. In 1954, the government transferred ownership to the powerful Koo family.

The branch of the Koo family that controls the company also has vast business interests in tourism and health care in Taiwan.

Current Chairman Leslie Koo is the second son of Koo Chen-fu, a tycoon who acted as the top China negotiator for former Taiwanese President Lee Teng-hui in the 1990s. Leslie earned an MBA from the Wharton School of the University of Pennsylvania in 1981 and joined Taiwan Cement the following year. He became chairman in 2003.

Under his watch, Taiwan Cement has expanded aggressively into China in recent years. He has also ventured into the garbage-processing business on the mainland amid a cement glut in China.

Business Summary

Taiwan Cement Corp. engages in the manufacturing and marketing of cement, cement-related products, and ready-mixed concrete. The firm operates through the following segments: Cement, Chemical Engineering, Electricity, and Other. The Cement segment involves in production, processing and sale of cement goods. The Chemical Engineering segment engages in production, processing and sale of chemical raw materials. The Electricity segment involve in thermal power generation. The Other segment includes land and marine transportation, production and sale of refractory materials, and others. The company was founded in May 1946 and is headquartered in Taipei, Taiwan.

Financial Highlights

Dec 2020 TWDUSD
Gross Profit37,168.82M1,262.33M
Operating income31,361.73M1,065.11M
Income before tax32,153.06M1,091.98M
Net income25,099.30M852.42M
Diluted EPS4.090.13
Dividends Per Share3.360.11
Total Assets389,506.23M13,862.41M
Total liabilities170,676.18M6,074.31M
Total equity204,071.81M7,262.85M
Operating cash flow32,847.37M1,115.56M
Currency in TWDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 89,564.30M 98,311.77M 124,594.60M 122,783.01M 114,367.24M
Gross Profit 17,524.64M 18,537.10M 33,234.06M 35,446.75M 37,168.82M
Operating income 13,055.62M 13,983.62M 28,200.83M 30,177.80M 31,361.73M
Income before tax 10,535.72M 12,553.54M 28,281.00M 30,124.03M 32,153.06M
Net income 6,358.45M 7,594.24M 21,180.82M 24,211.08M 25,099.30M
EBITDA 20,020.76M 20,423.01M 34,694.67M 37,495.63M 38,606.05M
Diluted EPS 1.39 1.64 3.88 4.04 4.09
Dividends Per Share 1.17 1.21 2.94 2.38 3.36
Total Assets 266,988.69M 272,557.04M 344,085.11M 367,482.38M 389,506.23M
Total liabilities 119,592.02M 119,909.83M 146,705.66M 159,020.51M 170,676.18M
Total equity 106,768.05M 136,348.20M 181,541.51M 193,684.06M 204,071.81M
Operating cash flow 18,809.09M 12,099.05M 22,048.67M 30,006.10M 32,847.37M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 2,777.11M 3,231.52M 4,131.87M 3,971.92M 3,884.16M
Gross Profit 543.38M 609.31M 1,102.12M 1,146.67M 1,262.33M
Operating income 404.81M 459.64M 935.21M 976.22M 1,065.11M
Income before tax 326.68M 412.63M 937.87M 974.48M 1,091.98M
Net income 197.15M 249.62M 702.41M 783.20M 852.42M
EBITDA 620.78M 671.30M 1,150.56M 1,212.95M 1,311.14M
Diluted EPS 0.04 0.05 0.12 0.13 0.13
Dividends Per Share 0.03 0.03 0.09 0.07 0.11
Total Assets 8,284.11M 9,158.96M 11,194.49M 12,258.81M 13,862.41M
Total liabilities 3,710.69M 4,029.43M 4,772.93M 5,304.75M 6,074.31M
Total equity 3,312.79M 4,581.82M 5,906.28M 6,461.08M 7,262.85M
Operating cash flow 583.21M 397.69M 731.19M 970.67M 1,115.56M

Valuation Measures

Dec 2020
Operating margin27.42%
Profit margin21.94%

Key executives

  • Chairman & Chief Executive Officer: An Ping Chang
  • President & Director: Chung Pei Li
  • Senior Deputy General Manager: Ko Fu Lu
  • Head-Accounting Department & Associate: Kuo Hung Yeh
  • Investor Relations Contact: Chia Chi Chang


  • Chia Hsin Cement Corp. (5.2%)
  • Chinatrust Investment Co., Ltd. (3.9%)
  • The Vanguard Group, Inc. (2.7%)
  • International CSRC Investment Holdings Co. Ltd. (2.1%)
  • Taiwan Life Insurance Co., Ltd. (Investment Portfolio) (1.9%)
  • Yuanta Securities Investment Trust Co., Ltd. (1.9%)
  • BlackRock Fund Advisors (1.9%)
  • Labor Pension Old Fund (1.8%)
  • Cathay Life Insurance Co., Ltd. (Invt Port) (1.8%)

Contact Details

  • Website:
  • Address: 113, Section 2, Zhongshan North Road, Zhongshan District, Taipei, 10448, Taiwan
  • Phone: +886.2.2531.7099

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  • Ku Kung Liang Culture & Education Foundation
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  • Taiwan Cement Corp. Labor Welfare Committee
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  • China Petroleum & Chemical Corporation Class H
  • Formosa Chemicals & Fibre Corporation
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Last Updated on 20 Jan, 2022

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