FIRSTEC (A010820) Q3 2024 earnings summary

Executive summary

• Operates exclusively in the domestic defense industry, manufacturing weapon systems and security products, with a focus on advanced control, drive, and cooling systems for major military platforms.

• R&D activities are robust, with a dedicated research institute and a history of patents in unmanned systems, energy, and avionics.

Financial highlights

• Revenue for the nine months ended September 30, 2024, was ₩130.98 billion, down from ₩173.10 billion year-over-year.

• Operating income for the same period was ₩1.59 billion, compared to ₩2.51 billion in the prior year.

• Net income for the period was ₩2.87 billion, a decrease from ₩3.11 billion year-over-year.

• Total assets increased to ₩385.26 billion from ₩265.08 billion at the end of the previous year.

• Cash and cash equivalents at period-end were ₩114.14 billion, up significantly from ₩13.13 billion at the previous year-end.

Outlook and guidance

• Focus on expanding overseas and strategic markets, with continued investment in R&D and new business areas such as aerospace and unmanned systems.

• Aims to enter the top 10 domestic defense companies by strengthening R&D and production capabilities.