Taiwan's Foxconn Posts Record Revenue For 1st Semester

Hon Hai Precision Industry Co., a key supplier to Apple Inc., posted NT$2.7 trillion (US$96.26 billion) in revenue for the first six months of the year, a record first-half figure for the company, Jackson Chang and Evelyn Kao reported for Taiwan’s Central News Agency (CNA).

The company's revenue of NT$2.7 trillion also represented year-on-year growth of more than 30 percent, CNA stressed. At a shareholders meeting Friday, Hon Hai Chairman Liu Young-way said the company's strong first-half performance followed its annual revenue record of NT$5.35 trillion in 2020. Hon Hai is known worldwide as Foxconn.

He attributed Hon Hai's robust revenue growth to excellent management and its effective response to the COVID-19 outbreak.

Foxconn has been diligent about disease prevention and control, as evidenced by the fact that it has convened 173 work meetings on global infection prevention and safe production since the COVID-19 pandemic began, Liu said.

The company has been focused on ensuring the safety of its employees and therefore has been able to maintain stable operations, he added.

Meanwhile, Hon Hai's business performance and successful transformation strategy have prompted major investment consulting firms to raise their target prices on the company's stock by 40 percent over the past 18 months, according to Liu.

Since Hon Hai's last annual shareholders meeting in mid-2020, its share price has surged 40 percent, he noted. The company has proposed a cash dividend per share of NT$4 on its 2020 earnings, which would be 54 percent payout ratio, surpassing 50 percent for the third consecutive year, according to Liu.

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