Taiwan’s Golden Friends E&E Firm Upbeat For Coming Year

Taipei, Taiwan-based elevator and escalator (E&E) supplier Golden Friends Corp. has released a positive view about business for the first quarter of 2022, supported by new demand and maintenance and replacement needs amid a property boom and a vibrant economy, Taipei Times reported in January. Golden Friends gave the upbeat assessment after posting a 21.27% increase in revenue for the previous quarter, a record TWD$1.26 billion (US$45.54 million). The company attributed the revenue growth to selling elevators to public housing projects, as well as effective replacements. Replacement business soared 36.63% year-on-year in the October-to-December period, while its maintenance arm worked on 38,845 elevators. The firm sells elevators and escalators under its own GFC and Genesis brands and has been a contract maker for Japan’s Toshiba units. The booming property market has led developers to accelerate construction, a process that has been helpful to Golden Friends. Looking forward, Golden Friends said it would seek to expand its market share and customer base by developing high-speed elevators equipped with Internet of Things and facial recognition technologies. For the whole of last year, the company’s revenue grew 4.82%, to TWD$4.61 billion (US$1.7 million).