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WKN: A14SPA | ISIN: US38911N2062 | Ticker-Symbol: GD8A
Tradegate
12.11.24
12:13 Uhr
62,00 Euro
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63,5066,5013.11.
63,5066,0013.11.
GlobeNewswire (Europe)
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GRAVITY Co., Ltd.: Gravity Reports Third Quarter of 2024 Results and Business Update

Finanznachrichten News

Seoul, Nov. 12, 2024 (GLOBE NEWSWIRE) -- GRAVITY Co., Ltd. (NasdaqGM: GRVY) ("Gravity" or "Company"), a developer and publisher of online and mobile games based in South Korea, today announced its unaudited financial results for the third quarter ended September 30, 2024, prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and business updates.

THIRD QUARTER 2024 HIGHLIGHTS

  • Total revenues were KRW 128,376 million (US$ 97,629 thousand), representing a 4.4% increase from the second quarter ended June 30, 2024 ("QoQ") and a 27.1% decrease from the third quarter ended September 30, 2023 ("YoY").
  • Operating profit was KRW 27,576 million (US$ 20,971 thousand), representing an 84.0% increase QoQ and a 27.3% decrease YoY.
  • Profit before income tax expenses was KRW 28,415 million (US$ 21,609 thousand), representing a 41.7% increase QoQ and a 31.0% decrease YoY.
  • Net profit attributable to parent company was KRW 22,385 million (US$ 17,023 thousand), representing a 78.1% increase QoQ and a 22.7% decrease YoY.


REVIEW OF THIRD QUARTER 2024 FINANCIAL RESULTS

Revenues

Online game revenues for the third quarter of 2024 were KRW 19,657 million (US$ 14,949 thousand), representing a 1.1% increase QoQ from KRW 19,445 million and a 13.5% increase YoY from KRW 17,316 million. The increase QoQ was mainly attributable to increased revenues from Ragnarok Landverse in Thailand and Ragnarok Online in China. The increase YoY was also mainly due to increased revenues from Ragnarok Landverse in Thailand and Ragnarok Online in China. Such increase QoQ and YoY was partially offset by decreased revenue from Ragnarok Online in Thailand.

Mobile game revenues were KRW 102,524 million (US$ 77,969 thousand) for the third quarter of 2024, representing a 3.5% increase QoQ from KRW 99,019 million and a 34.1% decrease YoY from KRW 155,467 million. The increase QoQ was resulted increase revenue from Ragnarok: Rebirth in Southeast Asia and THE RAGNAROK which was launched in Korea on September 9, 2024. Such increase was partially offset by decreased revenues from Ragnarok Origin in North, Central and South America and Southeast Asia. The decrease YoY was mainly due to decreased revenues from Ragnarok Origin in Southeast Asia, Taiwan, Hong Kong and Macau. This decrease was partially offset by increased revenues from Ragnarok Origin in North, Central and South America and THE RAGNAROK (Ragnarok: Novice Hearts) in Taiwan, Hong Kong and Macau.

Other revenues were KRW 6,195 million (US$ 4,711 thousand) for the third quarter of 2024, representing a 37.6% increase QoQ from KRW 4,503 million and an 84.3% increase YoY from KRW 3,362 million.

Cost of Revenue

Cost of revenue was KRW 76,261 million (US$ 57,996 thousand) for the third quarter of 2024, representing a 0.3% increase QoQ from KRW 76,006 million and a 35.3% decrease YoY from KRW 117,834 million. The increase QoQ was mainly due to increase of salaries and amortization expense on intangible asset. The decrease YoY was primarily due to decreased commission paid for mobile game services related to Ragnarok Origin in Southeast Asia, Taiwan, Hong Kong and Macau.

Operating Expenses

Operating expenses were KRW 24,539 million (US$ 18,662 thousand) for the third quarter of 2024, representing a 23.2% decrease QoQ from KRW 31,972 million and a 20.3% increase YoY from KRW 20,394 million. The decrease QoQ was mainly due to decreased advertising expenses for mobile game services related to THE RAGNAROK (Ragnarok: Novice Hearts) in Taiwan, Hong Kong and Macau, and commission paid. The increase YoY was mainly due to increased advertising expenses for mobile game services related to the launch of THE RAGNAROK in Korea on September 9, 2024 and the launch of Mirren: Millennium Tour in Korea on August 20, 2024.

Profit Before Income Tax Expenses

Profit before income tax expenses was KRW 28,415 million (US$ 21,609 thousand) for the third quarter of 2024 compared with profit before income tax expense of KRW 20,057 million for the second quarter of 2024 and profit before income tax expenses of KRW 41,208 million for the third quarter of 2023.

Net Profit

As a result of the foregoing factors, Gravity recorded a net profit attributable to parent company of KRW 22,385 million (US$ 17,023 thousand) for the third quarter of 2024 compared with net profit attributable to parent company of KRW 12,569 million for the second quarter of 2024 and a net profit attributable to parent company of KRW 28,961 million for the third quarter of 2023.

Liquidity

The balance of cash and cash equivalents and short-term financial instruments was KRW 513,993 million (US$ 390,887 thousand) as of September 30, 2024.

Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the exchange rate of KRW 1,314.94 to US$ 1.00, the noon buying rate in effect on September 30, 2024 as quoted by the Federal Reserve Bank of New York.


GRAVITY BUSINESS UPDATES

Ragnarok Online IP-based Games

  • THE RAGNAROK, an MMORPG Mobile and PC game

THE RAGNAROK was officially launched in Korea on September 9, 2024 and in Southeast Asia on October 31, 2024.

  • Ragnarok X: Next Generation, an MMORPG Mobile and PC game

Ragnarok X: Next Generation was officially launched in China on September 13, 2024 with preparations underway for its launch in Japan on November 20, 2024, and North, Central and South America and Europe within 2025.

  • Ragnarok: Rebirth an MMORPG Mobile game

Ragnarok: Rebirth was officially launched in Taiwan, Hong Kong and Macau on October 31, 2024.

  • Ragnarok V: Returns, a 3D MMORPG Mobile and PC game

Ragnarok V: Returns will be launched in Singapore and Malaysia in the fourth quarter of 2024.

  • Ragnarok M: Classic, an MMORPG Mobile and PC game

Ragnarok M: Classic, the new sequel game of Ragnarok M: Eternal Love, is underway for its launch in Southeast Asia in the first half of 2025.

  • Ragnarok Origin, an MMORPG Mobile and PC game

Ragnarok Origin is on the way to be launched in Europe in the first half of 2025.

  • Ragnarok Crush, a Puzzle and Tower Defense Mobile game

Ragnarok Crush will be launched in Global in the first half of 2025.

  • Ragnarok 3, an MMORPG Mobile and PC game

Ragnarok 3, the new sequel game of Ragnarok Online, is being prepared to be launched in Global within 2025.

  • PROJECT ABYSS, an MMOARPG Mobile game

PROJECT ABYSS is underway of its development.


Other IP-based games

  • TOKYO PSYCHODEMIC, a 2D Cinematic Profiling Adventure PC and Console game

TOKYO PSYCHODEMIC will be launched in Global on November 28, 2024.

  • KAMiBAKO, a World Craft RPG PC and Console game

KAMiBAKO aims to be launched in Global in the first half of 2025.

  • Gunbound an MMO Turn-Based Artillery PC game

Gunbound will be launched in Southeast Asia and Latin America in the first half of 2025.

  • Snow Brothers 2 Special, an Action and Platformer PC and Console game

Snow Brothers 2 Special will be launched in Global in the first half of 2025.


Investor Presentation

Gravity issued an investor presentation. The presentation contains the Company's recent business updates, results of the third quarter in 2024 and Gravity's business plan. The presentation can be found on the Company's website under the IR Archives section at https://www.gravity.co.kr/en/ir/updates. Korean and Japanese versions of the presentation are also provided on the website.

About GRAVITY Co., Ltd. ---------------------------------------------------

Gravity is a developer and publisher of online and mobile games. Gravity's principal product, Ragnarok Online, is a popular online game in many markets, including Japan and Taiwan, and is currently commercially offered in 91 regions. For more information about Gravity, please visit http://www.gravity.co.kr.

Forward-Looking Statements:

Certain statements in this press release may include, in addition to historical information, "forward-looking statements" within the meaning of the "safe-harbor" provisions of the U.S. Private Securities Litigation Reform Act 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe", "project," or "continue" or the negative thereof or other similar words, although not all forward-looking statements contain these words. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the "SEC"), including our annual report for the fiscal year ended December 31, 2023 on Form 20-F, together with such other documents that we may submit to or file with the SEC from time to time, on Form 6-K. The forward-looking statements speak only as of this press release and we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.

Contact:

Mr. Heung Gon Kim
Chief Financial Officer
Gravity Co., Ltd.
Email: kheung@gravity.co.kr

Ms. Jin Lee
Ms. Yujin Oh
IR Unit
Gravity Co., Ltd.
Email: ir@gravity.co.kr
Telephone: +82-2-2132-7800

GRAVITY Co., Ltd.
Consolidated Statements of Financial Position

(In millions of KRW and thousands of US$)

As of
31-Dec-23 30-Sep-24
KRW US$ KRW US$
(audited) (unaudited) (unaudited) (unaudited)
Assets
Current assets:
Cash and cash equivalents 184,082 139,993 200,677 152,613
Short-term financial instruments 277,215 210,820 313,316 238,274
Accounts receivable, net 71,213 54,157 66,385 50,485
Other receivables, net 3,637 2,766 473 360
Prepaid expenses 2,994 2,277 4,894 3,722
Other current financial assets 4,439 3,376 5,884 4,475
Other current assets 3,319 2,524 3,921 2,982
Total current assets 546,899 415,913 595,550 452,911
Property and equipment, net 10,151 7,720 7,230 5,498
Intangible assets, net 6,370 4,844 5,827 4,431
Deferred tax assets 5,952 4,526 5,542 4,215
Other non-current financial assets 1,824 1,387 1,624 1,235
Other non-current assets 6,985 5,312 8,562 6,510
Total assets 578,181 439,702 624,335 474,800
Liabilities and Equity
Current liabilities:
Accounts payable 61,778 46,982 49,951 37,987
Deferred revenue 18,093 13,760 17,902 13,614
Withholdings 3,072 2,336 3,595 2,734
Accrued expense 2,313 1,759 2,945 2,240
Income tax payable 16,927 12,873 5,873 4,466
Other current liabilities 4,251 3,233 2,777 2,112
Total current liabilities 106,434 80,943 83,043 63,153
Long-term account payables 677 515 898 683
Long-term deferred revenue 1,785 1,357 2,652 2,017
Other non-current liabilities 3,175 2,415 2,332 1,774
Deferred tax liabilities 2,382 1,811 2,383 1,812
Total liabilities 114,453 87,041 91,308 69,439
Share capital 3,474 2,642 3,474 2,642
Capital surplus 27,098 20,608 26,979 20,517
Other components of equity 4,016 3,054 11,606 8,826
Retained earnings 428,499 325,870 490,318 372,882
Equity attributable to owners of the Parent Company 463,087 352,174 532,377 404,867
Non-controlling interest 641 487 650 494
Total equity 463,728 352,661 533,027 405,361
Total liabilities and equity 578,181 439,702 624,335 474,800

* For convenience purposes only, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,314.94 to US$ 1.00, the noon buying rate in effect on September 30, 2024 as quoted by the Federal Reserve Bank of New York.

GRAVITY Co., Ltd.
Consolidated Statements of Comprehensive Income

(In millions of KRW and thousands of US$ except for share and ADS data)

Three months ended Nine months ended
30-Jun-2430-Sep-2330-Sep-24 30-Sep-23 30-Sep-24
(KRW) (KRW) (KRW) (US$) (KRW) (KRW) (US$)
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Revenues:
Online games 19,445 17,316 19,657 14,949 57,037 57,167 43,475
Mobile games 99,019 155,467 102,524 77,969 513,148 300,090 228,216
Other revenue 4,503 3,362 6,195 4,711 9,801 13,865 10,544
Total net revenue 122,967 176,145 128,376 97,629 579,986 371,122 282,235
Cost of revenue 76,006 117,834 76,261 57,996 391,628 225,895 171,791
Gross profit 46,961 58,311 52,115 39,633 188,358 145,227 110,444
Operating expenses:
Selling, general and administrative expenses 28,108 17,190 20,325 15,457 45,490 64,181 48,809
Research and 4,286 3,964 3,706 2,818 9,738 11,594 8,817
Others, net (422) (760) 508 387 (806) 18 14
Total operating 31,972 20,394 24,539 18,662 54,422 75,793 57,640
Operating profit 14,989 37,917 27,576 20,971 133,936 69,434 52,804
Finance income(costs):
Finance income 8,867 7,059 5,924 4,505 16,733 21,088 16,037
Finance costs (3,799) (3,768) (5,085) (3,867) (8,138) (9,552) (7,264)
Profit before income tax 20,057 41,208 28,415 21,609 142,531 80,970 61,577
Income tax expense 7,476 12,223 6,080 4,624 32,092 19,172 14,580
Profit for the year 12,581 28,985 22,335 16,985 110,439 61,798 46,997
Profit attributable to:
Non-controlling interest 12 24 (50) (38) (4) (21) (15)
Owners of Parent 12,569 28,961 22,385 17,023 110,443 61,819 47,012
Earnings per share
- Basic and diluted 1,809 4,168 3,221 2.45 15,894 8,896 6.77
Weighted average number of shares outstanding
- Basic and diluted 6,948,900 6,948,900 6,948,900 6,948,900 6,948,900 6,948,900 6,948,900
Earnings per ADS
- Basic and diluted 1,809 4,168 3,221 2.45 15,894 8,896 6.77

* For convenience, the KRW amounts are expressed in U.S. dollars at the rate of KRW 1,314.94 to US$1.00, the noon buying rate in effect on September 30, 2024 as quoted by the Federal Reserve Bank of New York.
(1) Each ADS represents one common share.


© 2024 GlobeNewswire (Europe)
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