FIRSTEC (A010820) Q2 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 was ₩82.4 billion, up from ₩75.2 billion year-over-year, with net income rising to ₩579 million from ₩51 million.

• The review report found no material misstatements and confirmed fair presentation under Korean IFRS 1034.

Financial highlights

• Total assets increased to ₩280.6 billion as of June 30, 2024, from ₩265.1 billion at the end of 2023.

• Operating income for H1 2024 was ₩4.2 billion, up from ₩2.1 billion year-over-year.

• Cash and cash equivalents rose to ₩36.3 billion from ₩13.1 billion at year-end 2023.

• Total liabilities increased to ₩221.3 billion from ₩202.7 billion at year-end 2023.

• Equity decreased to ₩59.2 billion from ₩62.3 billion at year-end 2023.

Outlook and guidance

• The company continues to operate primarily in the defense industry, with 80% of sales to two major customers.

• No significant changes in accounting standards are expected to materially impact future financials.