COWAY (021240) Q3 2024 earnings summary

Executive summary

• Achieved historical high quarterly revenue and net profit in 3Q'24, reaching 75% of annual revenue and 80% of operating profit guidance.

• Surpassed 10 million total rental accounts, with strong growth in both domestic and overseas markets.

Financial highlights

• 3Q'24 consolidated revenue KRW 1,100.3bn (+9.2% YoY), operating profit KRW 207.1bn (+6.0% YoY), net profit KRW 179.5bn (+31.0% YoY).

• Gross margin for 3Q'24 was 64.3%, with net margin improving to 16.3% (+2.8%p YoY).

• 3Q'24 total rental accounts reached 10.09mn (+6.0% YoY), with domestic at 6.59mn (+4.6% YoY) and overseas at 3.50mn (+8.8% YoY).

Outlook and guidance

• 2024 guidance achievement at 75% for revenue and 80% for operating profit as of 3Q.

• Stable rental account growth and continued expansion of overseas proportion targeted.