Kec (092220) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months of 2024 was ₩189.4 billion, down 8.5% year-over-year; operating loss was ₩6.9 billion, and net loss was ₩4.9 billion, both improved from the prior year’s larger losses.

• The company completed a rights offering in June 2023, raising ₩96.3 billion for facility and operating capital, and acquired the remaining shares of its Thai subsidiary in May 2024, increasing its stake to 100%.

• The main business is non-memory power semiconductors, with a global sales network and major customers in electronics and automotive sectors.

Financial highlights

• Revenue for 2024 Q3 YTD: ₩189.4 billion (down from ₩206.9 billion in 2023 Q3 YTD).

• Operating loss: ₩6.9 billion (improved from ₩33.0 billion loss in 2023 Q3 YTD).

• Net loss: ₩4.9 billion (improved from ₩37.8 billion loss in 2023 Q3 YTD).

• Cash and cash equivalents at Q3-end: ₩20.8 billion.

• Total assets: ₩444.0 billion; total equity: ₩348.0 billion.

Outlook and guidance

• The company aims to maintain stable dividends and improve financial structure while investing in core business competitiveness.

• The global power semiconductor market is expected to grow in 2024, with automotive and electronics demand as key drivers.