HD Hyundai (A267250) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 increased by 10.5% year-over-year, driven by strong performance in shipbuilding and most subsidiaries.

• Operating income rose 46.8% year-over-year, with all business segments posting profits.

• Net income surged 145.6% year-over-year, reflecting improved profitability and foreign exchange gains.

Financial highlights

• 2024 revenue: 6,776.6 billion KRW (+10.5% YoY); operating income: 2,983.2 billion KRW (+46.8% YoY); net income: 1,930.2 billion KRW (+145.6% YoY).

• Q4 2024 revenue: 1,709.7 billion KRW (+3.0% QoQ, +2.3% YoY); operating income: 878.2 billion KRW (+103.5% QoQ, +145.4% YoY).

• Q4 net income: 776.1 billion KRW, a turnaround from a loss in the previous year.

• Operating margin improved to 4.4% in 2024 from 3.3% in 2023.

Outlook and guidance

• Oil refining expects stabilization due to OPEC+ supply changes and weak Chinese demand; gasoline demand to recover post-May, but gains limited by new refineries.

• Shipbuilding anticipates steady demand for LNG carriers, with order backlog supporting over three years of operations.

• Construction equipment and engine businesses target 9–17% revenue growth in 2025, focusing on market share and product lineup expansion.

• Electric and marine solutions expect continued robust demand, with marine targeting 20% CAGR in core business sales.

• Robotics sees ongoing automation demand despite market uncertainties, with positive outlook in the US and potential recovery in China.