Hyundai Glovis (086280) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024, was W13.65 trillion, up from W12.84 trillion year-over-year, with net profit attributable to owners at W615.1 billion, an increase from W569.9 billion.

• Operating profit for the six-month period rose to W824.1 billion from W819.1 billion year-over-year.

• A bonus issue doubled the number of shares to 75 million after the reporting period.

Financial highlights

• Gross profit for the six months was W1.14 trillion, up from W1.06 trillion year-over-year.

• Basic earnings per share for the six months was W8,201, compared to W7,599 year-over-year.

• Cash and cash equivalents increased to W2.86 trillion from W2.29 trillion at year-end 2023.

• Total assets grew to W15.85 trillion from W14.73 trillion at December 31, 2023.

• Dividends paid in the period totaled W236.25 billion, up from W213.75 billion in the prior year.

Outlook and guidance

• The company plans to repay USD 78.1 million in 2024 and USD 48.5 million in 2025 due to lenders exercising put options on ship financing loans.

• Participation as a limited partner in a private equity fund to acquire Asiana Airlines' global cargo unit aims to expand the aviation network.