Eastern Group announced today (27th) that each of its affiliated companies will receive a year-end bonus of up to five months. In addition, employees with outstanding performance will be given additional bonus, and it is estimated that a total amount of more than NT$350 million in bonuses will be issued. President Gary Wang of Eastern Group thanked all employees for their efforts and said, “No other company pays out bonuses like we do, accounting for nearly 13% of net operating profit. Big incentives can help discover potential, so we need to find people who are capable.”
Eastern Group’s 2022 revenue is estimated to be NT$37.1 billion, and the estimated consolidated pre-tax profit is NT$2.2 billion. ETMall has the highest year-end bonus of five months; Eastern Media International Corporation is offering an year-end bonus of up to four months; ET New Media Holdings is offering an year-end of up to three months; ETtoday Pets is offering up to 2.5 months; Eastern Natural Beauty (including the company owned spa stores), ecKare, ETwarm, and FocusMedia Taiwan are offering up to two months. The bonus of both ETtoday and ETwarm are above the industry average.
ETMall’s cumulative consolidated revenue from January to November reached NT$24 billion, the cumulative consolidated net income reached NT$1.44 billion, and net earnings (EPS) reached NT$14.13. In the first half of 2022, the profit of ETMall still showed a positive growth of 10%. However, in the second half of the year, with the gradual easing of pandemic prevention measures, consumption returned to the physical retail market. Despite the impact of the overall economic environment, the 8% US dollar exchange rate differential on Strawberrynet and the successive losses of Mama Bear Shopping platform, the profit performance of ETMall was still impressive. The operating interest rate reached 7.6% for the first three quarters of the year. Gary Wang stressed that “if you are willing to work hard, the company is willing to pay bonuses.” In addition to year-end bonuses of up to five months, ETMall also encourages the employees to participate in the newly developed OMO business, “Eastern Plaza,” which will offer bonuses in a timely manner.
The largest pet chain store in Taiwan, ETtoday Pets, is mainly operating in the physical store format, and its revenue reached NT$2.1 billion in 2021, making it the leader of the pet channel market. At present, there are 127 stores, and up to 150 stores are planned to be opened in 2023. The company also has a strategic partnership with Loving Kindness Animal Hospital to provide more comprehensive pet services. In addition, in response to the Ministry of Labor’s 4.1% basic salary raise from 2023, ETtoday Pets already announced a 10.9% salary increase, which is not only better than the average increase in the market, but also the highest salary and benefits in the industry.
In response to the changes in the economic environment, Eastern Group actively adjusted its group strategy this year and actively integrated its online to offline resources. The overall revenue of Eastern in the first three quarters of this year increased by 10% compared with the same period last year, mainly due to the omni-channel layout which improved operational performance, including ET New Media Holdings and ETtoday, whose revenue grew significantly by 14.3% this year. In order to attract the top spa clientele, Eastern Natural Beauty has built its flagship biotech aesthetic center, “Eastern Regal House,” in Taichung. The company will also be launching the high-end beauty spa brand “Regal club & SPA” in 2023 to capture the market. The Group will continue to set up various new OMO business models as a demonstration site for Eastern’s offline shopping malls, which will contribute to the expected operational performance.
With its excellent performance, Eastern Group has also rewarded its employees generously. During the pandemic, the company took the initiative to raise the salaries of its employees and give out free health care products, and now it has also expanded its “Pet Day”, which has been held for years already by ETtoday under ET New Media Holdings. After the opening of the “Eastern Plaza” at the corporate headquarters, the attached ETtoday Pets and Loving Kindness Animal Hospital will provide products, grooming and medical services, making it easier for the Group’s employees to bring their fur babies to work. The many benefits have warmed the employees’ hearts. At the 2022 “Happy Enterprise Awards” held by 1111 Job Bank this year, Eastern Media International Corporation, ETMall, and ETwarm won the Gold Award once again for the Civil Service Industry and Real-Estate Industry categories. Gary Wang pointed out that the company’s growth requires all employees to work hard together. Eastern encourages young people that as long as they are willing to work hard, Eastern will be the best stage for them to showcase themselves.