DOOSAN TESNA (131970) Q4 2024 earnings summary

Executive summary

• Sales and operating profit declined year-over-year due to weak affiliate performance and delayed construction market recovery.

• Net income increased year-over-year, driven by non-operating profit growth.

• Leverage ratio remained stable despite operational headwinds.

Financial highlights

• Consolidated sales fell 5.2% year-over-year to KRW 18,133bn; operating profit dropped 30.1% to KRW 1,004bn.

• Net income rose 11.1% year-over-year to KRW 302bn.

• Parent company sales increased 8.0% year-over-year to KRW 1,067bn; operating profit surged 231.7% to KRW 82bn.

• Net income at the parent level turned around from a loss to KRW 23bn.

Outlook and guidance

• Doosan Enerbility targets KRW 10.7tn in orders for 2025, focusing on nuclear and gas turbine projects.

• Doosan Bobcat expects sales growth in 2025, supported by market presence and Mottrol inclusion despite high interest rates.

• Electro-Materials anticipates continued sales and operating profit growth in 2025, driven by high-end product expansion.