Fortinet achieved record-high profits last year, with earnings per share (EPS) reaching 9.11 yuan. They are planning to list for trading in the second quarter.

By admin Mar 19, 2024

Parking equipment and management leader Fortinet (6914-TW) has benefited from the surge in travel demand following the lifting of pandemic restrictions in Taiwan. Their profits have seen a sharp increase. In the latest financial report released today (19th), their net profit after tax for the full year of 2023 reached 649 million NT dollars, a record high with a year-on-year increase of 64.88%. Earnings per share were 9.11 NT dollars. Fortinet’s listing application has been approved by the stock exchange, and according to the schedule, Fortinet is expected to list for trading in the second quarter of 2024.

In 2023, Fortinet achieved a revenue of 4.273 billion NT dollars with a gross profit margin of 24.1%, marking a 4.4-percentage-point increase compared to the previous year. Their net profit after tax reached 649 million NT dollars, a record high with a significant year-on-year growth of 64.88%. Earnings per share were 9.11 NT dollars.

Established in 2001, Fortinet currently has a capital of 602 million NT dollars. Their business includes the development and sales of parking lot systems and automation, as well as parking lot operation and management. Their main business segments are the System Equipment Business Group and the Parking Management Business Group. The System Equipment Business under the brand “PSS” provides customers with comprehensive services such as system development, product manufacturing, installation, and professional maintenance. The Parking Management Business operates under the brand “City Parking,” with this segment contributing to 90% of the revenue.

Fortinet’s future development goals include expanding the operation of parking sites and increasing value-added services. They have already achieved an operational scale of 1,000 sites throughout Taiwan.

Fortinet, in which National Life Insurance holds a 33.6% stake, saw its trading price on the over-the-counter market at 187 NT dollars today.

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