STIC Investments (026890) Q4 2024 earnings summary

Executive summary

• Annual Fee Related Earnings (FRE) rose 38.5% year-over-year to KRW 14,791mm, while Total Segment Earnings (TSE) declined 39.8% to KRW 18,071mm and Distributable Earnings (DE) fell 20.9% to KRW 18,657mm.

• Assets Under Management (AUM) increased 9.1% year-over-year to KRW 10,167,360mm, with Fee Paying AUM (FPAUM) up 5.1% to KRW 6,600,654mm.

• Net income attributable to common shareholders was KRW 9,319mm for 2024, down from KRW 27,584mm in 2023.

Financial highlights

• Management fees for FY 2024 were KRW 59,772mm, up 10% year-over-year.

• Incentive fees and investment income declined significantly, with incentive fees at KRW 8,811mm and investment income at KRW 8,153mm for FY 2024.

• Operating profit dropped to KRW 13,419mm in FY 2024 from KRW 33,098mm in FY 2023.

• Net income per share was KRW 256 in 2024, down from KRW 754 in 2023.

Outlook and guidance

• Dividend per share increased to KRW 250 for both FY 2023 and FY 2024, reflecting a consistent upward trend in shareholder returns.

• Share buybacks of KRW 5bn were conducted in 2024 to enhance shareholder value.