Novatek maintains its technological advantages and strives for innovation momentum. In 2019, there was a substantial growth of the small- and medium-size panel driver ICs, including touch with display driver integration (TDDI) and organic light-emitting diode (OLED) display driver for mobile phones, as well as automotive display driver. Along with the successful introduction of brand account management, the Company has boosted its annual revenue from NT$ 54.834 billion of the previous year to NT$ 64.372 billion, an increase of 17.4%. Benefiting from the improvement of product portfolio, our gross margin rose to 32.02%, 0.99 percent point growth over 2018. Net income achieved NT$ 7.927 billion, showing an increase of 24.0% compared to NT$ 6.391 billion of the previous year. The revenue and net income both demonstrated robust momentum with double-digit growth, hitting another record high! Given the earnings per share of NT$13.03 for 2019, as well as NT$ 10.50 for 2018, the Company has earned more than its paid-in capital for two consecutive years and delivered outstanding performance.
With regard to the implementation of corporate social responsibility, Novatek continues to improve the corporate governance as well as the quality of information disclosure, and has won Gold Award in the TCSA Taiwan Corporate Sustainability Report for two consecutive years. In addition, the Company has been actively involved in the Industry-Academia R&D collaboration, and has long-term provided excellent masters and PhD students scholarships through our Novatek Education Foundation, making contribution to the cultivation of technology talents in Taiwan. Regarding social care services, the Company is dedicated to promoting sports development and encouraging employees to participate in volunteer services which help disadvantaged students in rural areas. Besides receiving the "Sports Promoter Awards - Long-term Sponsorship Award" twice issued by the Sports Administration, Ministry of Education, the Company also has been awarded the "2019 Excellent Youth Volunteer Team" as well as the "2019 Outstanding Organization for Implementing Educational Volunteer Services".
Novatek still continued with a steady pace to implement the five major aspects of its corporate social responsibility of the previous year, namely, 'Corporate Governance', 'Mutual Benefits of Partners', 'Environmental Sustainability', 'Friendly Workplace', and 'Social Care'.
Ever since its establishment, Novatek has been focusing on its expertise. Decency and honesty is the business philosophy of the Company. Novatek fulfills the responsibility of business operation, and uses resources effectively to achieve the best operating performance, while protecting the rights of shareholders and the interests of stakeholders.
Our continuous inclusion in the Taiwan Stock Exchange's Corporate Governance 100 Index' for constituent stocks and the top 20% of companies for corporate governance appraisal are positive affirmations of the Company's corporate governance. Novatek’s management team consists entirely of professional managers, who do not focus only on short-term business performance, but rather actively seek the sustainable development of the Company. In addition, we have instilled an awareness of corporate ethics in all our employees through the establishment of a 'Code of Honest Business Operations' and a 'Guidelines for Honest Business Practices and Procedures', thereby establishing and implementing corporate governance mechanisms from top to bottom, which will enable Novatek to develop in a longterm and stable manner. This is our commitment to all our stakeholders.
Teamwork, and wholeheartedly working in the interests of our customers constitute the Novatek business philosophy. Novatek and its suppliers are always looking for better and more consummate technology and methods, striving to meet customer needs and expectations. Novatek not only continues to strengthen the sustainable management of the supply chain, assist suppliers to obtain relevant ISO management system certification, and complete the signing of the "Novatek Sustainability Policy Statement", but also strives to provide high-quality customer services, improving customer satisfaction year by year. Novatek regards suppliers and customers as strategic partners, and looks forward to creating a win-win ecosystem through joint cooperation and efforts.
Novatek is committed to reducing the negative impact of the business operation on the environment, and hopes to contribute to the sustainable use of the earth's environment and resources. For this reason, the design and manufacturing of products are in compliance with the environmental protection regulations and development trends around the world, offering products that comply with customers' environmental protection requirements. In addition, to meet with international environmental laws and regulations and customer requirements for environmental protection, Novatek has also constructed and established a green product management system which has received the recognition of major international companies. In the future, Novatek's keystone goal of sustainable development will include continuing to strive for the refinement of product design, and bringing out more energy-saving products with low loads on the environment, thereby making a contribution to the sustainable development of the environment.
Talent is not only an asset of a company, but also the foundation for its sustainable development. What Novatek has depended upon to be able to attain the achievements it has today, are high-quality human resources. The importance Novatek attaches to professional expertise is fully reflected in the workplace environment and conditions provided by the Company. Being repeatedly selected for the 'Taiwan High Compensation 100 Index' for constituent stocks published by the Taiwan Stock Exchange illustrates the competitive remuneration conditions we provide. In addition to attracting and retaining professional expertise with high-level remuneration and benefits, we also place exceptional emphasis on the physical and mental health and the personal growth of our employees. We do this in the hope and expectation that professional talent will continue to develop within the Company. Apart from that, harmonious industrial relations are also beneficial to the Company’s long-term stable development. The diverse communication mechanisms that exist within Novatek allow our employees’ opinions to be heard, and the relevant authority to quickly respond to those opinions, thereby constructing an excellent barrier-free communication culture and an open and enlightened working atmosphere.
Novatek adheres to the spirit of social citizenship and the belief of "taken from society and give back to society", engages in social welfare activities and charities, and fulfills its responsibilities as a social citizen. Novatek chose the path of education and caring for the disadvantaged, because we believe that only through education can the individual and society be changed completely, creating every possibility. In addition to establishing the "Novatek Education Foundation", Novatek combined the resources the Company and the power of its employees to actively promote technical talent cultivation, education for disadvantaged in rural areas, and social care sponsorship. It is hoped that through such efforts, Novatek can provide more resources and create more hope for the disadvantaged and children in rural areas.
It is hoped that through this report, to summarize the efforts and contributions made in the past year, and symbolize Novatek's attention as the corporate citizen. In the foreseeable future, Novatek will continue to invest more efforts and resources to implement corporate social responsibility so that Novatek's existence and development, bringing greater value to all stakeholders and society.