Doosan (000150) Q4 2024 earnings summary

Executive summary

• 2024 consolidated sales fell 5.2% YoY to KRW 18,133bn and OP fell 30.1% to KRW 1,004bn amid weak affiliate performance and a delayed construction-market recovery; net income rose 11.1% to KRW 302bn.

• Leverage remained stable, with the consolidated L/E ratio at 153.8% at year-end and net debt down to KRW 3,209bn from KRW 4,363bn in 2023.

Financial highlights

• Consolidated sales were KRW 18,133bn in 2024, down 5.2% YoY; OP was KRW 1,004bn, down 30.1%.

• Consolidated net income increased 11.1% YoY to KRW 302bn, supported by higher non-operating profit.

• Parent sales rose 8.0% to KRW 1,067bn; OP increased to KRW 82bn from KRW 25bn, with OP margin up to 7.7% from 2.5%.

• Parent net income turned around to KRW 23bn from a KRW 112bn loss in 2023.

Outlook and guidance

• 2025 order plan is KRW 10.715tn, including Czech Republic nuclear power plant work; planned sales are KRW 6,477bn and OP KRW 373bn.

• 2025 Bobcat plan calls for sales of US$6.4bn, OP of US$600m and a 9.4% OP margin; sales growth is expected from market presence and Mottrol inclusion.

• 2025 in-house sales and OP are expected to grow, driven by improved Electro-Materials product mix and next-generation products in PKG and NWB CCL.