Korean Airlines (003490) Q4 2024 earnings summary

Executive summary

• Achieved record-high revenue for the year, supported by continuous net profit and strong cargo and passenger demand.

• Integration of Asiana Airlines as a subsidiary in December 2024, with full integration planned over two years to realize operational synergies.

Financial highlights

• Non-consolidated revenue for 4Q 2024 estimated at KRW 4.03 trillion, up 1.2% year-over-year; operating income at KRW 435.3 billion, up 137% year-over-year.

• Net income for 4Q 2024 estimated at KRW 251.6 billion, reversing a loss of KRW 234.6 billion in 4Q 2023.

• Consolidated revenue for 2024 estimated at KRW 17.87 trillion, up 10.9% year-over-year; net income at KRW 1.38 trillion, up 22.4%.

• Total assets projected to rise 54.7% to KRW 47.0 trillion after Asiana acquisition.

Outlook and guidance

• Passenger business expects robust demand during the Lunar New Year and winter peak, with focus on profitability amid geopolitical and market uncertainties.

• Cargo business anticipates continued e-commerce growth but faces risks from global political instability, FX, and oil prices.

• Integration with Asiana Airlines expected to enhance competitiveness and drive mutual growth in the domestic aviation sector.