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FRG Rubber Group Inc.
Sustainability Report
Message from the ChairmanIn 2024, Formosan Rubber Group demonstrated robust operational performance, with its three business units achieving outstanding results despite the complicated global situation and intense market competition. The Company achieved operating revenue of NT$1.48239 billion, net operating income of NT$580 million, and EPS of NT$1.89, a growth of 17.39% from 2023. At the same time, the Company continues to publish the “Sustainability Report” based on the GRI Standards, reporting the Company’s management performance in the areas of environment, society, and corporate governance, to investors, customers, the general public, and other stakeholders.The Company upholds the business philosophy of continuous innovation. In 2024, we were granted two new patents—one or protective clothing and its manufacturing method, a main product of our company, and the other for low-temperature resistant rubber composite adhesive tape and its manufacturing method. We also have at least four patents currently under review, further enhancing our core competitiveness and differentiating us from competitors. The Production Business Division has invested in the research and development of 3D wire drawing fabric, a key material for the jacks used for lifting aircrafts involved in accidents at airports. The production of such fabric is complex and the certification process is complicated. The Company has not only successfully entered the market and obtained customer certification, but is also actively developing the fabric for use in other products, such as a new generation of lifeboats. The Company's products offer versatile combinations and are continuously improved through advancement in technologies and services in order to create a diverse range of functional products tailored to different materials and customer needs. In 2024, we continued to participate in international exhibitions, and expanded into new emerging markets such as Europe and the US, in order to maintain competitiveness and promote sustainable growth. Warehousing and logistics are also moving towards smart and automated solutions. To improve the system, we have also introduced equipment, optimized workflow, reduced manual work and enhanced efficiency. The first phase of Longtan Intelligent Park is to be completed in 2024. Its new, high-quality, customized factory spaces have attracted significant interest from potential clients, and investment promotion is expected to be completed in 2025. Accordingly, a new warehousing industry cluster will be established in Longtan. Formosan since its establishment, with the founder even incorporating this concept into Formosan’s logo. We steadfastly uphold the commitment of caring for our employees. The Consumer Price Index (CPI) has continued to rise in recent years, indicating an increase in the prices of consumer goods and daily necessities, placing heavy burden on salaried employees. All industries have adjusted employee salaries to enhance the cohesion and to actively retain talents in order to meet future challenges and pursue corporate sustainable development. Accordingly, the Company has also comprehensively adjusted the salaries and benefits of entry-level employees, with an adjustment ratio of approximately 2.59%. Future reviews will be conducted annually to ensure the benefits of employees and their families. Looking ahead, we will continue to uphold the concept of corporate sustainability and strive to make progress in environmental protection, social responsibility and corporate governance. Formosan Rubber Group Inc. Chairman |
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| 2024 Sustainability Report | ||