TECO gives cash dividends of NT$1.35 and announced 50% emission reduction by 2030
TECO (1504) held its regular shareholders' meeting today (20th) and approved the 110th annual earnings distribution, with cash dividends of NT$1.35 per share, a 14.7% increase in revenue, and a 42.8% increase in net income after tax compared to 2009. Looking into 2022, despite uncertainties such as the pandemic and inflation, Chairman Sophia Chiu said that TECO will aim for carbon neutrality and a "50% emission reduction in 10 years" by 2030, and will strive for business opportunities in "smart manufacturing, smart energy, and smart city solutions" to maximize shareholder value.
TECO strives for an 80% market share in home-produced electric bus power systems
In the shareholders' meeting, TECO explained its plans for the three major business groups and shared prospects for 2022. For the core Green Mechatronic Solution Business Group, TECO will continue to promote advanced power control and electrical and mechanical integration, especially in the electric vehicle power system. TECO will continue to expand OEMs and aim to grow by more than 60%. For carbon-neutral solutions, TECO will enhance the growth of energy-saving products and intelligent services with solutions, including high-efficiency motor drive control systems, waste heat recovery, power generation, and inspection-free equipment.
TECO has a 35% market share in offshore wind power land-based substation projects and is tapping into energy efficiency markets
Thanks to Taiwan's renewable energy policy and prospects for the Taiwanese market having an annual demand for 1GW of energy storage after 2025, TECO's Intelligence Energy Business Group is now actively laying the groundwork for renewable energy projects, including offshore wind power onshore substations with a 35% market share and solar power projects with a total order size of 11.4MW, and the contract for the iconic "Longtan Energy Storage Demonstration EPC Project." TECO will continue to make every effort to win the demonstration project of Taipower's energy storage and the project contract for offshore wind power onshore and offshore substations.
TECO unlocks smart cities business opportunities with digital tools
TECO's Air and Intelligent Life Business Group continues to provide a full range of air conditioning and energy management solutions and strives to create new business opportunities, including combining group resources and IoT technology. From "TECO Smart Logistic Fridge Solution" to the "Rent Instead of Buy Operation Model," TECO uses digital tools to accelerate the development of more "smart city" application business opportunities.
TECO announced 50% emission reduction by 2030
In 2021, TECO completed the first phase of its sustainability goal of "20% emissions reduction in 10 years" ahead of schedule. This year, TECO has taken one step further and announced "50% emissions reduction in 10 years" and has expanded the scope of implementation to include overseas plants, further moving toward carbon neutrality. TECO has been listed in the Dow Jones Sustainability Indices and S&P Global's Sustainability Yearbook for two consecutive years, has received the Platinum Award in the Taiwan Top 50 Corporate Sustainability Report for seven consecutive years, and has been in the top 5% of corporate governance evaluations for eight consecutive years. Chairman Sophia Chiu pointed out that she will continue to uphold the principles of sustainable management, implement corporate governance regulations, and realize the corporate vision of "energy saving, emission reduction, intelligence, and automation." She aims to create a sustainable working environment for employees, provide customers with more value-added services, and bring long-term profits to shareholders.