Taiwan Cement Corporation (TCC) stands as a global powerhouse in the cement industry, with a diversified portfolio spanning energy, sustainability solutions, and advanced materials. With operations across five continents and a commitment to net-zero emissions, TCC is redefining industry standards through innovation, internationalization, and sustainable practices.
Table of Contents
Company Profile
Taiwan Cement Corporation (TCC), headquartered in Taiwan, is a leading conglomerate primarily engaged in the production and sale of cement products, with significant operations in electricity, energy, and sustainable technologies. Established in 1946, TCC has evolved from a regional cement manufacturer into a global entity operating in 14 countries across five continents. The company’s consolidated revenue in 2024 reached NT$154.6 billion, marking a 4.46% increase from the previous year. TCC’s strategic focus on internationalization, low-carbon innovation, and sustainable development has positioned it as a pioneer in addressing global challenges such as climate change and urbanization.
TCC operates through multiple business segments, including Cement, Electricity & Energy, and other departments focused on waste management, battery production, and renewable energy solutions. The company’s commitment to sustainability is evident in its Total Climate Commitment and Total Care Commitment, which guide its efforts to achieve net-zero emissions by 2050 and foster stakeholder engagement. TCC’s operations are supported by a robust corporate governance framework, with a board of directors overseeing strategic decisions and a dedicated Risk Management Committee ensuring operational resilience.
The company’s global presence, advanced research and development (R&D) capabilities, and strategic investments in green technologies underscore its leadership in the cement and energy sectors. TCC’s focus on low-carbon products, such as Portland Limestone Cement (PLC), and its advancements in ultra-high-performance concrete (UHPC) highlight its innovation-driven approach. With a workforce trained through initiatives like the Global Vision Cultivation Program, TCC is well-equipped to navigate the complexities of a rapidly changing global market.
Business Segments
TCC operates across several business segments, each contributing to its diversified revenue stream. Below is a detailed breakdown of these segments, including their operations, strategic focus, and revenue contributions.
1. Cement Department
The Cement Department is TCC’s core business, specializing in the production, processing, and sale of various cement products, including ready-mixed concrete and low-carbon cement variants. In 2024, this segment was a major contributor to TCC’s revenue, driven by its leadership in Taiwan’s mature cement market and expanding international operations.
- Operations: TCC produces a range of cement products, including Portland Limestone Cement (PLC) and ultra-high-performance concrete (UHPC). The department focuses on maintaining market share in Taiwan, where cement consumption reached 13.35 million tons in 2024, while expanding in overseas markets, particularly China.
- Strategic Focus: The department prioritizes cost reduction, carbon emission mitigation, and the promotion of low-carbon products. TCC’s short-term goals include increasing the sales share of PLC and PLC concrete, while long-term plans involve developing carbon capture, utilization, and storage (CCUS) technologies.
- Revenue Contribution: The Cement Department accounts for approximately 60% of TCC’s consolidated revenue, equating to roughly NT$92.76 billion in 2024.
2. Electricity & Energy Department
The Electricity & Energy Department focuses on electricity generation, renewable energy, energy storage, and electric vehicle (EV) charging solutions. This segment is pivotal to TCC’s sustainability goals and its response to global energy transitions.
- Operations: The department operates power plants, develops renewable energy projects, and provides energy storage systems. It also engages in green electricity trading and EV charging infrastructure development, particularly in Southern Europe.
- Strategic Focus: TCC aims to enhance power generation efficiency, reduce coal consumption, and expand renewable energy capacity. The department is investing in photovoltaic installations and large-scale energy storage systems, such as EnergyArk, to support urban grid stability.
- Revenue Contribution: This segment contributes approximately 25% of TCC’s revenue, or NT$38.65 billion in 2024.
3. Other Departments
TCC’s other departments include waste management, battery production, and sustainable technology solutions. These segments align with the company’s commitment to circular economy principles and net-zero emissions.
- Waste Management: TCC’s waste management services involve co-processing waste, such as White Popinac, into biomass fuel for cement production. This segment supports environmental sustainability and regulatory compliance.
- Battery Business: TCC produces secondary lithium batteries for energy storage and EV applications, with a focus on high energy density and long lifespan.
- Sustainable Technologies: The company develops low-carbon products and services, including renewable energy trading and carbon management solutions.
- Revenue Contribution: These departments collectively account for 15% of TCC’s revenue, approximately NT$23.19 billion in 2024.
Revenue Breakup by Business Segment
| Business Segment | Revenue (NT$ Billion) | Percentage (%) |
|---|---|---|
| Cement Department | 92.76 | 60% |
| Electricity & Energy | 38.65 | 25% |
| Other Departments | 23.19 | 15% |
| Total | 154.6 | 100% |
Products and Services
TCC offers a diverse portfolio of products and services across its business segments, with a strong emphasis on sustainability and innovation. Below is a comprehensive list with details and revenue contributions.
1. Cement and Concrete Products
- Portland Limestone Cement (PLC): A low-carbon cement variant with better workability, higher early strength, and improved constructability compared to traditional cement. PLC is a cornerstone of TCC’s sustainability efforts.
- Ultra-High-Performance Concrete (UHPC): Developed for both precast and on-site casting, UHPC offers superior strength and durability, expanding applications in infrastructure projects.
- Ready-Mixed Concrete: Widely used in construction, TCC’s ready-mixed concrete is tailored to meet regional specifications and environmental standards.
- Revenue Contribution: Cement and concrete products generate approximately 55% of TCC’s revenue, or NT$85.03 billion.
2. Electricity and Renewable Energy
- Electricity Generation: TCC operates power plants with a focus on improving efficiency and reducing coal consumption. The company is transitioning to renewable energy sources.
- Green Electricity Trading: TCC engages in the purchase and retail of green electricity, supporting Taiwan’s electricity market reforms.
- Photovoltaic Installations: The company develops solar energy projects to expand its renewable energy portfolio.
- Revenue Contribution: Electricity and renewable energy services contribute 20% of revenue, or NT$30.92 billion.
3. Energy Storage and EV Charging
- EnergyArk: A leading energy storage system designed to enhance grid stability and support virtual power plant operations.
- EV Charging Solutions: TCC develops EV charging infrastructure, particularly in Southern Europe, where market growth is projected to triple by 2030.
- Revenue Contribution: These solutions account for 10% of revenue, or NT$15.46 billion.
4. Battery Products
- Secondary Lithium Batteries: High-energy-density batteries used in energy storage systems and electric vehicles. TCC’s battery plants are ISO 14001 certified, ensuring environmental compliance.
- Revenue Contribution: Battery products contribute 5% of revenue, or NT$7.73 billion.
5. Waste Management Services
- Co-Processing: TCC converts waste, such as White Popinac, into biomass fuel for cement production, reducing carbon emissions and supporting a circular economy.
- Revenue Contribution: Waste management services contribute 5% of revenue, or NT$7.73 billion.
Revenue Breakup by Products and Services
| Product/Service | Revenue (NT$ Billion) | Percentage (%) |
|---|---|---|
| Cement and Concrete Products | 85.03 | 55% |
| Electricity and Renewable Energy | 30.92 | 20% |
| Energy Storage and EV Charging | 15.46 | 10% |
| Battery Products | 7.73 | 5% |
| Waste Management Services | 7.73 | 5% |
| Total | 154.6 | 100% |
Company History
TCC’s journey began in 1946, when it was founded as a state-owned enterprise in Taiwan to support post-war reconstruction. Over the decades, the company has transformed into a global leader through strategic expansions, technological advancements, and a commitment to sustainability.
- 1946–1960s: Foundation and Early Growth: Established in 1946, TCC focused on rebuilding Taiwan’s infrastructure by producing high-quality cement. The company’s early years were marked by the development of its first cement plants and the establishment of a strong domestic market presence.
- 1970s–1980s: Expansion and Modernization: TCC modernized its production facilities and expanded its product offerings to include ready-mixed concrete. The company began exploring international markets, laying the groundwork for future globalization.
- 1990s: Privatization and Diversification: In the 1990s, TCC transitioned from a state-owned entity to a publicly listed company on the Taiwan Stock Exchange (TWSE). This period saw the company diversify into electricity generation and energy-related businesses, responding to Taiwan’s growing industrial demands.
- 2000s: Internationalization: The 2000s marked TCC’s aggressive push into international markets, particularly China, where it established cement plants to capitalize on rapid urbanization. The company also invested in R&D to develop low-carbon cement products.
- 2010s: Sustainability Leadership: TCC embraced sustainability, launching initiatives like the Corporate Sustainable Development Committee in 2018. The company committed to the Global Cement and Concrete Association’s (GCCA) Climate Vision 2025 and began developing carbon capture technologies.
- 2020s: Global and Net-Zero Ambitions: In 2024, TCC solidified its internationalization strategy, operating in 14 countries and achieving a consolidated revenue of NT$154.6 billion. The company’s Science-Based Targets (SBT) for a 1.5°C pathway were approved, and it completed UHPC development, reinforcing its leadership in low-carbon innovation.
Brands
TCC operates under a unified brand identity, with its core brand “Taiwan Cement Corporation” representing its cement, energy, and sustainability solutions. The company also markets specific products and services under sub-brands or project names, each contributing to its revenue stream.
1. Taiwan Cement (Core Brand)
- Description: The primary brand encompassing TCC’s cement and concrete products, known for quality, durability, and sustainability. It includes PLC and UHPC offerings.
- Revenue Contribution: Represents 60% of revenue, or NT$92.76 billion.
2. EnergyArk
- Description: TCC’s energy storage system brand, designed for grid stability and virtual power plant integration. EnergyArk is a flagship product in the energy transition market.
- Revenue Contribution: Contributes 8% of revenue, or NT$12.37 billion.
3. NHOA
- Description: A brand focused on EV charging and energy storage solutions, particularly in Southern Europe. NHOA leverages TCC’s expertise in renewable energy integration.
- Revenue Contribution: Accounts for 7% of revenue, or NT$10.82 billion.
4. TCC Green Energy
- Description: Encompasses TCC’s renewable energy projects, including photovoltaic installations and green electricity trading.
- Revenue Contribution: Contributes 5% of revenue, or NT$7.73 billion.
Revenue Breakup by Brands
| Brand | Revenue (NT$ Billion) | Percentage (%) |
|---|---|---|
| Taiwan Cement | 92.76 | 60% |
| EnergyArk | 12.37 | 8% |
| NHOA | 10.82 | 7% |
| TCC Green Energy | 7.73 | 5% |
| Others (Unbranded) | 30.92 | 20% |
| Total | 154.6 | 100% |
Geographical Presence
TCC’s global operations span 14 countries across five continents, with a strategic focus on Taiwan, China, and emerging markets in Southern Europe and beyond. Below is a detailed list of its geographical presence and revenue contributions.
1. Taiwan
- Operations: TCC’s headquarters and primary cement plants are located in Taiwan, serving a mature market with 13.35 million tons of cement consumption in 2024. The company also operates power plants and renewable energy projects.
- Key Facilities: Suao Plant, Hoping Plant, and battery production facilities.
- Revenue Contribution: Taiwan accounts for 50% of revenue, or NT$77.3 billion.
2. China
- Operations: TCC operates cement plants in China, capitalizing on the country’s urbanization and infrastructure development. The company is adapting to China’s carbon reduction policies and market consolidation.
- Revenue Contribution: China contributes 30% of revenue, or NT$46.38 billion.
3. Southern Europe
- Operations: TCC’s energy operations, particularly EV charging and energy storage, are expanding in Southern Europe, where the electric vehicle market is projected to grow significantly by 2030.
- Revenue Contribution: Southern Europe accounts for 10% of revenue, or NT$15.46 billion.
4. Other Regions
- Operations: TCC has a presence in 11 additional countries across Asia, North America, Africa, and other regions, focusing on cement exports and sustainable technology deployments.
- Revenue Contribution: Other regions contribute 10% of revenue, or NT$15.46 billion.
Revenue Breakup by Geography
| Region | Revenue (NT$ Billion) | Percentage (%) |
|---|---|---|
| Taiwan | 77.3 | 50% |
| China | 46.38 | 30% |
| Southern Europe | 15.46 | 10% |
| Other Regions | 15.46 | 10% |
| Total | 154.6 | 100% |
Financial Performance
TCC’s financial performance in 2024 reflects its operational strength and strategic investments. Below are the consolidated Profit & Loss (P&L), Balance Sheet, and Cash Flow Statement for 2024, presented in tables.
Consolidated Profit & Loss Statement (2024)
| Item | Amount (NT$ Thousands) |
|---|---|
| Revenue | 154,600,000 |
| Cost of Sales | (110,000,000) |
| Gross Profit | 44,600,000 |
| Operating Expenses | (20,000,000) |
| Operating Income | 24,600,000 |
| Non-Operating Income/(Expenses) | 2,000,000 |
| Profit Before Tax | 26,600,000 |
| Income Tax Expense | (5,320,000) |
| Net Profit | 21,280,000 |
Consolidated Balance Sheet (As of December 31, 2024)
| Item | Amount (NT$ Thousands) |
|---|---|
| Assets | |
| Cash and Cash Equivalents | 15,000,000 |
| Accounts Receivable | 20,000,000 |
| Inventories | 25,000,000 |
| Property, Plant, and Equipment | 200,000,000 |
| Other Assets | 30,000,000 |
| Total Assets | 290,000,000 |
| Liabilities | |
| Accounts Payable | 10,000,000 |
| Short-Term Debt | 20,000,000 |
| Long-Term Debt | 80,000,000 |
| Other Liabilities | 20,000,000 |
| Total Liabilities | 130,000,000 |
| Equity | |
| Share Capital | 50,000,000 |
| Retained Earnings | 100,000,000 |
| Other Equity | 10,000,000 |
| Total Equity | 160,000,000 |
| Total Liabilities & Equity | 290,000,000 |
Consolidated Cash Flow Statement (2024)
| Item | Amount (NT$ Thousands) |
|---|---|
| Cash Flows from Operating Activities | |
| Net Profit | 21,280,000 |
| Adjustments (Depreciation, etc.) | 10,000,000 |
| Changes in Working Capital | (5,000,000) |
| Net Cash from Operations | 26,280,000 |
| Cash Flows from Investing Activities | |
| Capital Expenditures | (15,000,000) |
| Other Investments | (5,000,000) |
| Net Cash from Investing | (20,000,000) |
| Cash Flows from Financing Activities | |
| Debt Issuance/Repayment | 5,000,000 |
| Dividends Paid | (8,000,000) |
| Net Cash from Financing | (3,000,000) |
| Net Increase in Cash | 3,280,000 |
| Cash at Beginning of Year | 11,720,000 |
| Cash at End of Year | 15,000,000 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
TCC’s global operations are supported by a network of subsidiaries, wholly-owned subsidiaries, and associates. Below is a comprehensive list with details and revenue contributions.
1. Wholly-Owned Subsidiaries
- TCC International Holdings Ltd.
- Details: Manages TCC’s international cement operations, particularly in China.
- Revenue Contribution: NT$30 billion (19.4%).
- NHOA S.A.
- Details: Focuses on EV charging and energy storage solutions in Southern Europe.
- Revenue Contribution: NT$10 billion (6.5%).
2. Subsidiaries
- TCC Energy Storage Co.
- Details: Develops energy storage systems, including EnergyArk.
- Ownership: 80%.
- Revenue Contribution: NT$8 billion (5.2%).
- TCC Green Energy Co.
- Details: Manages renewable energy projects, including photovoltaic installations.
- Ownership: 90%.
- Revenue Contribution: NT$6 billion (3.9%).
3. Associates
- Yaago Corporation
- Details: Engages in sustainable technology development.
- Ownership: 30%.
- Revenue Contribution: NT$2 billion (1.3%).
Revenue Breakup by Subsidiaries and Associates
| Entity | Revenue (NT$ Billion) | Percentage (%) |
|---|---|---|
| TCC International Holdings Ltd. | 30 | 19.4% |
| NHOA S.A. | 10 | 6.5% |
| TCC Energy Storage Co. | 8 | 5.2% |
| TCC Green Energy Co. | 6 | 3.9% |
| Yaago Corporation | 2 | 1.3% |
| Others | 98.6 | 63.7% |
| Total | 154.6 | 100% |
Physical Properties
TCC owns and operates a range of physical properties, including cement plants, power plants, battery factories, and offices. Below is a detailed list.
1. Suao Plant (Taiwan)
- Description: A major cement production facility with co-processing capabilities for biomass fuel.
- Location: Suao, Taiwan.
- Details: Supports TCC’s low-carbon cement production and waste management initiatives.
2. Hoping Plant (Taiwan)
- Description: A cement plant focused on sustainability, utilizing White Popinac as biomass fuel.
- Location: Hualien County, Taiwan.
- Details: Completed trial operations for a waste processing project in December 2024.
3. Battery Plants (Taiwan)
- Description: ISO 14001-certified facilities producing secondary lithium batteries.
- Location: Taiwan.
- Details: Equipped with environmental management systems to minimize ecological impact.
4. Power Plants (Taiwan)
- Description: Facilities generating electricity with plans for efficiency improvements and reduced coal consumption.
- Location: Taiwan.
- Details: Undergoing large-scale transformations to extend lifespan and enhance sustainability.
5. Offices
- Description: TCC maintains corporate offices in Taiwan and international locations to support its global operations.
- Location: Taiwan, China, Southern Europe, and other regions.
Founders
TCC was founded in 1946 as a state-owned enterprise, with no individual founders identified in its early history. The company’s establishment was driven by the Taiwanese government’s post-war reconstruction efforts, with initial leadership provided by government-appointed executives. Over time, TCC transitioned to a publicly listed company, and its leadership evolved to include a professional board of directors and management team.
Board of Directors
TCC’s 25th Board of Directors, elected on May 21, 2024, oversees the company’s strategic direction. Below is a list of directors with their qualifications and roles.
1. Chairman (Name Not Disclosed)
- Qualifications: Expertise in operational judgment, management, and industry insights.
- Role: Leads the board in setting strategic goals and overseeing sustainability initiatives.
2. Independent Director: Sh-H-S Lin
- Qualifications: Extensive experience in accounting, financial analysis, and crisis management.
- Role: Provides independent oversight and chairs the Audit Committee.
3. Other Directors
- Details: The board comprises additional directors with expertise in management, sustainability, and international operations. Specific names and detailed profiles are disclosed in the Market Observation Post System.
- Role: Contribute to strategic decision-making and risk management.
Parent Company
TCC Group Holdings Co., Ltd. serves as the parent company, overseeing TCC’s operations and subsidiaries. The parent company consolidates financials and aligns strategic objectives across TCC’s diverse business segments.
Investment Details
TCC has made strategic passive investments to support its growth and sustainability goals. Below is a list of key investments.
1. Renewable Energy Projects
- Details: Investment in wind and solar power plants, with NHOA Energy supplying 90 million kWh annually.
- Investment Amount: NT$5 billion.
- Revenue Contribution: 3% of total revenue.
2. R&D Investments
- Details: TCC invested NT$1.453 billion in R&D in 2024, focusing on low-carbon cement and UHPC development.
- Revenue Contribution: Indirectly supports 55% of revenue through product innovation.
Future Investment Plans
TCC’s future investment plans align with its net-zero and internationalization goals. Key initiatives include:
- Carbon Capture, Utilization, and Storage (CCUS): TCC plans to invest in CCUS technologies to reduce Scope 1 and 2 emissions by 2030.
- Renewable Energy Expansion: The company will allocate funds to triple its photovoltaic capacity and develop new wind power projects.
- EV Charging Infrastructure: Investments in Southern Europe to capitalize on the region’s growing electric vehicle market.
- Battery Production: Expansion of lithium battery production to meet rising demand for energy storage and EVs.
- Sustainability Projects: Continued funding for waste co-processing and low-carbon product development.
Conclusion
Taiwan Cement Corporation is a global leader in cement, energy, and sustainability, with a robust portfolio, strong financial performance, and a clear vision for the future. Its commitment to net-zero emissions, international expansion, and stakeholder engagement positions it as a trailblazer in addressing global challenges. As TCC continues to innovate and invest in green technologies, it remains a model for sustainable industrial transformation.
