BHI (083650) Q4 2024 earnings summary

Executive summary

• The audit report expresses an unqualified (clean) opinion on the financial statements for the years ended December 31, 2024, and 2023, confirming fair presentation in accordance with Korean IFRS.

• The internal control system was also found to be effective as of December 31, 2024.

Financial highlights

• Revenue for 2024 was ₩399.2 billion, up from ₩352.3 billion in 2023 (13.3% year-over-year growth).

• Operating income rose to ₩26.6 billion from ₩17.6 billion year-over-year.

• Net income for 2024 was ₩24.3 billion, a significant increase from ₩7.5 billion in 2023.

• Total assets increased to ₩522.5 billion at 2024 year-end from ₩423.2 billion at 2023 year-end.

• Cash and cash equivalents at year-end were ₩10.3 billion, up from ₩8.2 billion.

Outlook and guidance

• The company continues to recognize revenue over time using the input method for long-term contracts, with ongoing focus on contract cost estimation and progress measurement.

• Management expects continued exposure to contract cost and revenue estimation uncertainties, which may impact future earnings.