HL Mando (204320) Q4 2024 earnings summary

Executive summary

• Achieved annual targets with solid growth across regions and improved operational management.

• 4Q24 sales reached KRW 2,421.8 bn, up 10.6% YoY; operating profit at KRW 112.6 bn (OPM 4.6%).

• FY2024 sales totaled KRW 8,848.2 bn (+5.4% YoY), operating profit KRW 360.3 bn (OPM 4.1%), net profit KRW 160.3 bn (NPM 1.8%).

• New business wins in FY2024 reached KRW 17.6 tn, exceeding the annual target by KRW 2.5 tn.

• Recognized for innovation at CES 2025 with awards for HAECHIE, BEETLE+, and AgriShield.

Financial highlights

• 4Q24 operating profit margin improved to 4.6% from 2.3% in 4Q23.

• Net income for 4Q24 was KRW 51.8 bn (NPM 2.1%), up from KRW 40.6 bn in 4Q23.

• FY2024 net profit reached KRW 160.3 bn.

• Dividend payout of KRW 700 per share planned for FY2024.

Outlook and guidance

• FY2025 sales guidance set at KRW 9.1–9.3 tn, representing 2.9–5.5% YoY growth.

• Americas and India expected to drive growth in 2025, with YoY sales increases of 15–20% and 7–13%, respectively.

• Maintaining a solid growth trajectory with a projected CAGR of 9–10% through 2029.

• FY2025 new business wins target set at KRW 13.7 tn.