SKT reports strong 2024 earnings amid AI biz growth
SK Telecom said Wednesday that its annual operating profit surpassed 1.8 trillion won ($1.2 billion) in 2024, marking the fifth consecutive year of growth.
The telecom carrier's operating profit rose 4 percent on-year to 1.82 trillion won. Annual revenue increased 1.9 percent to 17.94 trillion won, while net income surged 25.6 percent to 1.44 trillion won.
These annual figures fell slightly below the market consensus of 1.84 billion won in operating profit and 18 trillion won in revenue compiled by financial data provider FnGuide.
Previously, the company aimed to achieve 17.8 trillion won in revenue for 2024 while expanding its operating profit.
In the fourth quarter, SK Telecom recorded an operating profit of 254.1 billion won, down 14.5 percent from 2023. The revenue inched down by 0.3 percent on-year to 4.51 trillion won.
However, net income skyrocketed by 138.3 percent on-year to 446.5 billion won, primarily due to increased non-operating income following the merger of AI chip subsidiary Sapeon.
SK Telecom is actively expanding its artificial intelligence business under the 'AI Infrastructure Superhighway' initiative. The strategy centers on AI data centers, GPU as a Service and edge AI.
To bolster this initiative, the company underwent a major reorganization at the end of 2024, restructuring into seven business divisions focused on telecom and AI.
SK Telecom said its AI-related revenue for 2024 grew 19 percent on-year.
'We strengthened our telecom business and laid the foundation for transforming into an AI company last year,' said SK Telecom Chief Financial Officer Kim Yang-seob. 'This year, we aim to pioneer the AI era and further solidify our corporate value."
Meanwhile, SK Telecom announced that it would distribute a year-end dividend of 1,050 won per share for fiscal year 2024.
The company plans to allocate at least 50 percent of its adjusted consolidated net income annually to shareholder returns from fiscal years 2024 to 2026.
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