COWAY (021240) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenue of KRW 4.31tn, surpassing KRW 4.0tn for the first time, with historical highs in operating and net profit for 2024.

• Met or exceeded 2024 guidance, reaching 102% of revenue and 104% of operating profit targets.

Financial highlights

• 2024 consolidated revenue: KRW 4,310.1bn (+8.7% YoY); operating profit: KRW 795.4bn (+8.8% YoY); net profit: KRW 565.5bn (+20.1% YoY).

• 4Q'24 revenue: KRW 1,125.7bn (+12.1% YoY); operating profit: KRW 183.4bn (+10.4% YoY); net income: KRW 104.1bn (+2.4% YoY).

• Total rental accounts reached 10.33mn (+7.4% YoY), with overseas proportion rising to 35%.

Outlook and guidance

• 2025 consolidated revenue projected at KRW 4,586.0bn (+6.4% YoY); operating profit at KRW 845.0bn (+6.2% YoY).