HIGEN Motor (160190) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was ₩37.5 billion, down from ₩76.1 billion in FY2023 and ₩87.1 billion in FY2022, reflecting a half-year reporting period and market conditions.

• Net income for H1 2024 was ₩488 million, compared to ₩2.6 billion in FY2023 and ₩3.8 billion in FY2022.

• The company completed a successful IPO on KOSDAQ in June 2024, raising capital through a public offering.

Financial highlights

• Operating income for H1 2024 was ₩991 million, down from ₩4.3 billion in FY2023.

• Gross margin for H1 2024 was 10.8%, with gross profit of ₩4.1 billion on ₩37.5 billion in sales.

• Cash and cash equivalents at June 2024 were ₩23.0 billion, up from ₩16.4 billion at December 2023.

• Total assets at June 2024 were ₩120.0 billion, with total equity of ₩68.0 billion.

Outlook and guidance

• The company is investing in R&D for high-efficiency motors and robotics, targeting growth in electric vehicle and automation markets.

• Anticipates increased demand from regulatory changes (IE4 efficiency standards) and expansion in robotics and mobility sectors.