Kangwon Land (035250) Q4 2024 earnings summary

Executive summary

• FY2024 sales rose 2.8% YoY to ₩1,425.8bn; operating profit was nearly flat at ₩284.0bn, while net profit increased 35.8% to ₩456.0bn.

• Q4 sales grew 5.9% YoY to ₩344.3bn; operating profit rose 4.9% to ₩41.8bn and net profit increased 61.0% to ₩111.5bn.

Financial highlights

• FY2024 gross profit was ₩416.8bn, up 1.8% YoY; SG&A increased 5.3% to ₩132.8bn.

• Q4 gross profit rose 4.4% YoY to ₩81.9bn; SG&A increased 3.8% to ₩40.1bn.

• FY2024 income before tax increased 24.7% to ₩563.6bn; corporate tax fell 7.4% to ₩107.6bn.

Segment performance

• FY2024 gaming sales rose 3.2% YoY to ₩1,245.1bn; non-gaming sales declined 0.5% to ₩180.7bn.

• Q4 gaming sales increased 6.1% YoY to ₩303.0bn; non-gaming sales rose 4.1% to ₩41.3bn, led by hotel sales of ₩26.0bn, up 5.3%.

• Q4 gross gaming revenue grew 6.2% YoY to ₩333.3bn; membership club revenue rose 69.1% to ₩54.1bn, while mass table revenue declined 2.1% to ₩148.3bn.

• Q4 casino visitors increased 1.0% YoY to 575,664; foreign visitors rose 16.5% to 7,150 and drop amount increased 2.7% to ₩1,369.7bn.