VITZROCELL (082920) Q3 2024 earnings summary

Executive summary

• Achieved cumulative sales of KRW 140.5 billion, operating profit of KRW 36.9 billion, and net profit of KRW 32.7 billion for the first nine months of 2024, driven by strong demand in lithium primary batteries and expansion into new business areas.

• Maintains global leadership in lithium primary batteries, with ongoing investments in R&D and production automation to support growth in smart grid, IoT, and military sectors.

Financial highlights

• Cumulative revenue for Jan–Sep 2024: KRW 140.5 billion, up from KRW 130.3 billion year-over-year.

• Operating profit for Jan–Sep 2024: KRW 36.9 billion, up from KRW 31.3 billion year-over-year.

• Net profit for Jan–Sep 2024: KRW 32.7 billion, compared to KRW 33.3 billion in the same period last year.

• Basic EPS for Jan–Sep 2024: KRW 1,471.

• Cash and cash equivalents at Sep 2024: KRW 33.3 billion.

Outlook and guidance

• Lithium primary battery market expected to grow at a CAGR of 5.56% through 2028, with the company targeting global No.1 position and further expansion in smart grid and IoT applications.

• Continued focus on R&D, production automation, and new business areas such as lithium recycling and thin-film batteries.