Able C&C (078520) Q4 2023 earnings summary

Executive summary

• FY2023 consolidated revenue rose 10.4% YoY to KRW273.6bn and operating income increased 14.5% to KRW11.4bn, extending growth for a second year.

• Growth reflected overseas expansion, stronger domestic online and offline sales, new channels, and work to improve inventory management and operating efficiency.

Financial highlights

• Consolidated net income was KRW6.1bn, versus KRW1.1bn in FY2022; basic EPS was KRW236, up from KRW36.

• Consolidated gross profit increased to KRW156.7bn from KRW142.1bn; SG&A rose to KRW145.3bn from KRW132.2bn.

• Parent-only revenue was KRW220.5bn, up from KRW192.0bn; operating income was KRW8.0bn versus KRW9.1bn, and net income was KRW7.0bn versus KRW4.1bn.

• Year-end consolidated assets were KRW173.8bn, down 11.0% YoY; liabilities rose 8.6% to KRW86.2bn and equity fell 24.5% to KRW87.7bn.

Outlook and guidance

• FY2024 priorities include developing products for channel-specific needs, diversifying domestic sales channels, tailoring strategies by country, and expanding overseas growth.

• Plans also call for cost reductions and expense efficiencies to improve profitability and build longer-term business value; no numerical guidance was stated.