Kencoa Aerospace (274090) Q2 2024 earnings summary

Executive summary

• Operates in aerospace and defense, focusing on aircraft parts, MRO, raw material supply, and space launch components.

• Major customers include Boeing, Airbus, Lockheed Martin, NASA, and SpaceX, with 80% of sales from exports.

• Listed on KOSDAQ since 2020; recent major contracts include a 60.5 billion KRW deal with Embraer.

Financial highlights

• 2024 H1 consolidated revenue: 43.6 billion KRW, down from 91.1 billion KRW in 2023 H1.

• Operating loss: 1.44 billion KRW (2023 H1: profit of 877 million KRW).

• Net loss: 1.5 billion KRW (2023 H1: net loss of 1.85 billion KRW).

• EPS: -116 KRW (2023 H1: -146 KRW).

• Cash and equivalents: 12.7 billion KRW; total assets: 266 billion KRW.

Outlook and guidance

• Continues to expand production capacity and invest in R&D, especially for new aerospace and UAM projects.

• Focus on global market diversification and quality-driven growth.