Foosung (093370) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 was ₩437.8 billion, down 16.3% year-over-year due to weak demand in secondary battery materials and semiconductor specialty gases.

• Operating loss was ₩9.6 billion, a significant improvement from the previous year's loss of ₩46.1 billion, but a reversal from the ₩105.4 billion profit in 2022.

• Net loss attributable to owners was ₩69.4 billion, compared to a net loss of ₩53.9 billion in 2023 and a net profit of ₩97.0 billion in 2022.

• The company completed a rights offering in April 2024, raising capital for facility investments in battery and semiconductor sectors.

Financial highlights

• 2024 revenue: ₩437.8 billion (2023: ₩523.2 billion; 2022: ₩610.6 billion).

• Operating loss: ₩9.6 billion (2023: ₩46.1 billion loss; 2022: ₩105.4 billion profit).

• Net loss: ₩83.4 billion (2023: ₩84.4 billion loss; 2022: ₩112.4 billion profit).

• EBITDA: ₩34.98 billion (2023: ₩26.97 billion).

• Cash and cash equivalents at year-end: ₩54.9 billion (2023: ₩27.8 billion).

• Equity ratio: 40.3%; debt ratio: 148%.

Outlook and guidance

• Management expects continued uncertainty in 2025 due to global economic headwinds, high interest rates, and weak demand in key end-markets.

• Focus remains on cost control, liquidity management, and investment in high-value battery and semiconductor materials.