Grand Korea Leisure (A114090) Q2 2025 earnings summary

Executive summary

• Operates three foreigner-only casinos in Seoul and Busan, with 2025 H1 revenue of KRW 210.8 billion, up 7% year-over-year.

• Net income for H1 2025 was KRW 33.1 billion, a 54% increase year-over-year.

• Casino sales account for 99% of revenue, with the remainder from currency exchange.

• Maintains a strong cash position and low debt ratio (39.8%).

Financial highlights

• H1 2025 revenue: KRW 210.8 billion (up 7% YoY); operating income: KRW 36.1 billion (up 34% YoY); net income: KRW 33.1 billion (up 54% YoY).

• Total assets: KRW 605.5 billion; total liabilities: KRW 172.5 billion; equity: KRW 433.0 billion.

• Basic EPS for H1 2025: KRW 535 (vs. KRW 348 in H1 2024).

• Cash and cash equivalents at period end: KRW 181.8 billion.

• Interim dividend of KRW 60 per share declared, payable September 2025.

Outlook and guidance

• Domestic foreigner-only casino market is in a growth phase, with 2024 market revenue up 28.5% from pre-pandemic levels.

• Company expects continued recovery and growth in 2025, driven by increased inbound tourism and diversified marketing.