Hyundai Autoever ( 307950) Q4 2024 earnings summary

Executive summary

• Revenue for 4Q24 rose 28.2% year-over-year to KRW 1,160 billion, with annual revenue up 21.2% to KRW 3,714 billion.

• Operating profit for 4Q24 increased 38.4% year-over-year to KRW 73 billion, with annual operating profit up 23.7% to KRW 224 billion.

• Net profit for 4Q24 grew 56.3% year-over-year to KRW 52 billion, with annual net profit up 24.9% to KRW 175 billion.

Financial highlights

• Gross profit for 4Q24 was KRW 122 billion, up 23.4% year-over-year; annual gross profit reached KRW 395 billion, up 16.3%.

• Operating margin improved to 6.3% in 4Q24 from 5.9% in 4Q23; annual OPM rose to 6.0%.

• SG&A-to-sales ratio declined due to reduced overhead and improved efficiency.

• Non-operating profit for the year surged 594.6%.

Outlook and guidance

• Management expects continued revenue growth from IT service expansion, new projects, and increased adoption of connected car and navigation software.