HLB (028300) Q4 2024 earnings summary

Executive summary

• Achieved consolidated revenue of 68,126 million KRW in FY2024, a 58.8% increase year-over-year, driven by growth in the composite material (shipbuilding) and stable performance in bio/healthcare segments.

• Operating loss narrowed to 118,516 million KRW from 125,025 million KRW in FY2023, reflecting improved cost efficiency despite continued high R&D investment.

• Net loss attributable to owners was 91,980 million KRW, a 51% improvement from the prior year.

Financial highlights

• Total assets increased 18.8% to 887,425 million KRW, mainly from investments in affiliates and expansion of tangible/intangible assets.

• Total liabilities rose 78.7% to 235,311 million KRW, primarily due to new convertible bond issuances (93,000 million KRW) and increased borrowings for R&D and operations.

• Equity grew 6% to 652,114 million KRW, with capital increases from bond conversions and reduced accumulated deficit.

• Cash and cash equivalents at year-end were 93,048 million KRW, down from 108,888 million KRW, but liquidity remains stable with a current ratio of 107.2%.

Outlook and guidance

• Focus remains on accelerating commercialization of key oncology assets, especially Rivoceranib (liver cancer) and Lirafugratinib (bile duct cancer), with regulatory filings and market launches targeted in the US and Europe.

• Continued investment in R&D and pipeline expansion, including new clinical trials and global licensing deals.

• Strategic diversification into healthcare devices and shipbuilding to support long-term growth and risk mitigation.