GOLFZON (215000) Q2 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 was ₩342.8 billion, with operating income of ₩57.2 billion and net income of ₩35.6 billion, reflecting a year-over-year decline from the previous period.

• The company operates two main segments: screen golf (golf simulators) and screen golf maintenance, with the former accounting for over 97% of sales.

• The company maintains a strong domestic and international presence, with 17 consolidated subsidiaries and a robust patent portfolio.

Financial highlights

• 2024 H1 revenue: ₩342.8 billion (down from ₩348.6 billion in 2023 H1).

• Operating income: ₩57.2 billion (down from ₩72.3 billion in 2023 H1).

• Net income attributable to controlling interests: ₩39.0 billion (down from ₩49.4 billion in 2023 H1).

• EPS (basic): ₩6,361 for H1 2024 (down from ₩8,059 in 2023 H1).

• Cash and cash equivalents at June 2024: ₩112.7 billion.

Outlook and guidance

• The company expects continued growth in online content and advertising revenue, with ongoing investment in R&D and product innovation.

• Seasonal demand patterns persist, with higher utilization in winter and increased installation demand in Q4 and Q1.