Kec (092220) Q2 2024 earnings summary

Executive summary

• Specializes in non-memory power semiconductors, with a global presence and strong export focus, especially to China, Japan, and the US.

• Operates 12 overseas subsidiaries and sales networks, with two main consolidated subsidiaries in Thailand and China.

• Recent acquisition of remaining shares in KEC Thailand Co., Ltd., raising ownership to 100% for business efficiency.

Financial highlights

• Consolidated H1 2024 revenue: ₩128.6 billion, down from ₩206.9 billion in H1 2023.

• Operating loss of ₩1.18 billion, a significant improvement from a ₩33.0 billion loss in H1 2023.

• Net profit attributable to owners: ₩157 million, compared to a net loss of ₩36.1 billion in H1 2023.

• Cash and cash equivalents at period end: ₩14.3 billion.

• Total assets: ₩447.4 billion; total equity: ₩348.4 billion.

Outlook and guidance

• Industry expects global semiconductor market to grow 13.1% in 2024, with SSTR segment rebounding by 10.3%.

• Focus on expanding automotive semiconductor business and maintaining R&D investment for product innovation.