VITZROCELL (082920) Q2 2024 earnings summary

Executive summary

• Achieved consolidated sales of 91.7 billion KRW, operating profit of 24.8 billion KRW, and net profit of 24.5 billion KRW for the first half of 2024, driven by recovery and growth in key industries and expansion into new businesses such as lithium secondary batteries and thin film batteries.

• Maintains a leading position in the lithium primary battery market, with a focus on becoming a global top-tier energy solution provider.

Financial highlights

• 2024 H1 revenue: 91.7 billion KRW (up from 85.4 billion KRW in H1 2023).

• Operating profit: 24.8 billion KRW (up from 24.0 billion KRW in H1 2023).

• Net profit: 24.5 billion KRW (up from 17.2 billion KRW in H1 2023).

• Basic EPS: 1,108 KRW (up from 806 KRW in H1 2023).

• Cash and equivalents at period end: 39.5 billion KRW.

Outlook and guidance

• Lithium primary battery market expected to grow at a CAGR of 5.56% through 2028, with the company targeting global No.1 position by 2024 and further strengthening its lead by 2026.

• Continued investment in R&D and expansion into IoT, energy storage, and next-generation battery solutions.