VITZROCELL (082920) Q4 2024 earnings summary

Executive summary

• Achieved record results in FY2024 with revenue up 19.6% YoY to KRW 210.8 billion, operating income up 37.7% to KRW 51.9 billion, and net income up 42.2% to KRW 51.3 billion.

• Growth driven by increased demand for smart grid and military batteries, favorable FX rates, and stabilized raw material costs.

• Continued expansion into new business areas including lithium-ion batteries, thin film batteries, and lithium recycling.

Financial highlights

• Revenue: KRW 210.8 billion (+19.6% YoY); Operating income: KRW 51.9 billion (+37.7% YoY); Net income: KRW 51.3 billion (+42.2% YoY).

• Gross margin improved to 33.5% from 29.5% YoY.

• EPS: KRW 2,300 (basic and diluted).

• Cash and cash equivalents at year-end: KRW 28.0 billion.

• Dividend per share: KRW 460 (payout ratio 20.4%).

Outlook and guidance

• Management targets continued growth in smart grid, IoT, and military sectors.

• Plans to maintain a minimum 20% payout ratio for the next three years.

• Ongoing investments in R&D and capacity expansion for new battery technologies.