Hyundai Green Food (A453340) Q2 2024 earnings summary

Executive summary

• 2Q24 consolidated revenue rose 4.2% year-over-year to 5,424억원, with operating profit up 16.4% to 325억원.

• Net income increased 13.5% year-over-year to 236억원 in 2Q24.

• Growth driven by strong performance in core group catering business, offsetting hospital segment weakness and fewer business days.

Financial highlights

• Gross profit margin improved to 18.8% in 2Q24 from 17.6% a year earlier.

• Operating margin rose to 6.0% in 2Q24 from 5.4% in 2Q23.

• 1H24 overseas catering sales reached 646억원, with all countries operating profitably.

Outlook and guidance

• Group catering segment expected to remain robust, with new contract wins and favorable industry conditions.

• Ongoing cost pressures from wage increases and retroactive service fee adjustments may impact future profitability.