Amorepacific (090430) Q4 2024 earnings summary

Executive summary

• FY 2024 revenue rose 5.7% year-over-year to KRW 3.89 trillion, with operating profit up 103.8% to KRW 220.5 billion.

• Overseas business drove growth, with revenue up 20.6% and operating profit turning positive; domestic revenue declined 2.4% but operating profit increased 1.3%.

• 4Q 2024 revenue increased 17.9% year-over-year to KRW 1.09 trillion, with operating profit up 279.6% to KRW 78.5 billion.

Financial highlights

• Gross profit margin improved to 71.4% in 4Q 2024, up from 69.9% a year earlier, due to better product mix and reduced discounts.

• FY 2024 net income reached KRW 601.6 billion, up from KRW 173.9 billion in 2023.

• 4Q 2024 net income turned negative at -KRW 46.2 billion, compared to KRW 38.2 billion in 4Q 2023.

• SG&A expenses rose 11.9% in 4Q 2024, with personnel expenses up 31.4% due to incentive provisions.

Outlook and guidance

• Overseas expansion, especially in the Western region and Asia, is expected to remain a key growth driver.

• Continued focus on product innovation, digital marketing, and channel diversification to sustain growth.