New Delhi [India], May 30 : Taiwan's Foxconn, also known as Hon Hai Precision Industry and the world's largest electronics manufacturer, forecast revenues to reach NTD 7 trillion (approximately USD 234.5 billion), marking a nearly 3 per cent increase compared to last year. Last year, Foxconn registered a total of sales of NTD 6.8 trillion.
The group expects solid growth this year despite ongoing uncertainties, including U.S. tariffs, currency fluctuations, and a shifting global political and economic landscape, said Young Liu, Hon Hai Chairman, while addressing the shareholders at the Annual General Meeting (AGM), according to Focus Taiwan.
He said he was confident that the annual revenue of the company would surpass NTD 7 trillion, with a strong chance of hitting a new record.
Going forward, the company sees information and communications technology (ICT), artificial intelligence (AI), and electric vehicles (EVs) as the three main focuses of the company.
According to the company's chairman, Foxconn has developed nine prototypes for EVs and is expanding global partnerships through its contract design and manufacturing service (CDMS) model.
Young Liu also highlighted at the AGM that the next board of directors will separate the roles of chairman and CEO. Over the next three years, the company plans to move from a rotating CEO system to appointing a permanent chief executive.
At Thursday's shareholders meeting, Hon Hai completed the re-election of its board. Among those newly elected were Liu and Chang Ching-ray, a consultant at the Hon Hai Research Institute and honorary professor at National Taiwan University.
Furthermore, Chiang Shang-yi, chief strategy officer at Hon Hai and chairman of its affiliate ShunSin Technology Holdings, joined the board for the first time. Christina Liu, a current board member and managing director at the Hong Kong-based Bellwether International Group, secured re-election.
The company noted that five out of the nine board members are independent directors.
The AGM, Hon Hai shareholders approved the board's recommendation to pay a cash dividend of NTD 5.80 per share, the highest since the company's 1991 initial public offering. This marks the sixth consecutive year the payout ratio has exceeded 50 per cent.
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