Doosan (000150) Q4 2024 earnings summary

Executive summary

• Revenue decreased 5.2% year-over-year to KRW 18.1 trillion, mainly due to lower sales at key subsidiaries.

• Operating income dropped 30.1% to KRW 1.0 trillion, reflecting margin pressure and higher SG&A.

• Net income attributable to owners was a loss of KRW 226.2 billion, though consolidated net income was KRW 302.2 billion.

• Major business units include electronics, IT services, power equipment, construction machinery, fuel cells, and robotics.

Financial highlights

• Gross profit margin declined to 16.3% from 17.0% year-over-year.

• SG&A expenses increased 8.3% to KRW 2.0 trillion.

• Finance income rose 100.5% to KRW 1.3 trillion, but finance costs also increased 45.3% to KRW 1.5 trillion.

• Cash and cash equivalents at year-end were KRW 3.7 trillion, up 4.7% year-over-year.

• Debt ratio increased slightly to 153.5%.

Outlook and guidance

• Management expects continued global economic uncertainty and slow domestic recovery in 2025.

• Focus will be on maximizing profitability, cost efficiency, and strengthening core competitiveness, especially in AI and future growth sectors.

• Key growth drivers include nuclear, SMR, gas turbines, offshore wind, and hydrogen.