HD Hyundai Marine Solution (443060) Q4 2024 earnings summary

Executive summary

• Achieved record-high revenue in 2024, with 22% year-over-year growth and a 14.4% CAGR since 2022.

• Operating income rose 34.8% year-over-year, with a margin improvement to 15.6%.

• Net income increased 50.8% year-over-year, reaching KRW 227.9 billion.

• 4Q 2024 saw record quarterly revenue, but operating profit declined sequentially due to market share expansion and temporary expenses.

Financial highlights

• 4Q 2024 revenue was KRW 463.4 billion, up 20% year-over-year and 0.5% sequentially.

• 4Q 2024 operating income was KRW 65.9 billion, down 21% sequentially but up 29.2% year-over-year.

• 4Q 2024 net income was KRW 68.4 billion, up 16.9% sequentially and 108.5% year-over-year.

• Non-operating profit in 4Q 2024 included KRW 17.3 billion from foreign currency gains.

Outlook and guidance

• 2025 revenue target set at KRW 2.056 trillion, aiming for a 20% CAGR in core sales.

• Plans to maintain 20% CAGR in core business revenue by 2028, with a 16% EBIT margin and ROE above 30%.