Kia (000270) Q4 2024 earnings summary

Executive summary

• Q4 2024 sales revenue rose 11.6% year-over-year to W27,148 billion, with operating profit up 10.2% to W2,716 billion and net profit up 8.5% to W1,758 billion.

• Consolidated financial statements for 2024 and 2023 were audited and present fairly in all material respects, in accordance with K-IFRS.

• Internal control over financial reporting was found effective as of December 31, 2024.

• The group operates globally, with significant subsidiaries in the US, Europe, India, and other regions.

• Electrified vehicle sales share grew in major markets, with HEV and BEV volumes rising, especially in Korea and the U.S.

Financial highlights

• Full-year 2024 sales revenue grew 7.7% to W107,449 billion, operating profit up 9.1% to W12,667 billion, and net profit up 11.6% to W9,791 billion.

• Gross profit margin for 2024 was 23.0%, up from 22.7% in 2023.

• Debt ratio improved to 66.1% at year-end 2024 from 73.2% at year-end 2023.

• Basic earnings per share rose to W24,893 in 2024 from W22,168 in 2023.

• Q4 2024 consolidated sales units reached 725,934, up 5.4% year-over-year.

Outlook and guidance

• 2025 wholesale volume guidance is 3,216k units (+4.1% YoY), with sales revenue projected at W112.5 trillion (+4.7%).

• Operating profit margin expected to decrease slightly to 11.0% in 2025.

• New model launches in 2025 include EV4, EV5, PV5 (BEVs), Carens EV, Syros (ICE), and Tasman (pickup).

• Electrified vehicle sales mix targets: Korea 52%, U.S. 25%, W. Europe 49% for 2025.

• The group is evaluating the impact of new and amended K-IFRS standards effective after January 1, 2024, but does not expect significant impact.