HD Hyundai Heavy Industries (329180) Q4 2024 earnings summary

Executive summary

• Sales rose 11.0% quarter-over-quarter in 4Q24, driven by increased work volumes and higher newbuilding prices.

• Operating profit surged 36.9% quarter-over-quarter, mainly from profit improvement in the Shipbuilding division.

• Net income attributable to controlling interest reached 366.6 bn KRW in 4Q24, up from 72.2 bn KRW in 3Q24.

Financial highlights

• 4Q24 sales were 4,005.6 bn KRW, up 11.0% QoQ and 17.4% YoY; FY24 sales totaled 14,486.5 bn KRW, up 21.1% YoY.

• 4Q24 operating profit was 282.2 bn KRW, up 36.9% QoQ and 103.5% YoY; FY24 operating profit was 705.2 bn KRW, up 294.8% YoY.

• Operating profit margin improved to 7.0% in 4Q24 from 5.7% in 3Q24 and 4.1% in 4Q23.

• Net income in 4Q24 was 366.6 bn KRW, compared to 72.2 bn KRW in 3Q24 and 31.0 bn KRW in 4Q23.

Outlook and guidance

• Future performance is subject to uncertainties in the business environment and market conditions.

• Forecasts are based on current management direction and may change with market dynamics.