Korea Gas (036460) Q4 2024 earnings summary

Executive summary

• Revenue declined 13.8% year-over-year to KRW 383.9 trillion, mainly due to lower sales volume and prices.

• Operating profit nearly doubled, up 93.3% year-over-year, driven by reduced losses and improved overseas business performance.

• Net income turned positive, increasing by KRW 1.90 trillion, supported by lower interest expenses and reduced asset impairment.

Financial highlights

• Revenue: KRW 383.9 trillion, down 13.8% year-over-year.

• Operating profit: KRW 3.00 trillion, up 93.3% year-over-year.

• Net income: KRW 1.15 trillion, a turnaround from a loss last year.

• Cost of sales decreased 17.9% year-over-year.

• SG&A expenses rose 1.4% year-over-year.

Outlook and guidance

• CAPEX is projected to remain elevated, with KRW 18.2 trillion in 2024 and similar levels through 2028.

• Expansion of pipeline and terminal infrastructure is ongoing, with major projects scheduled for completion by 2028.