Hyosung TNC Corporation financial statements, 6 years: Operating income rose 434% in one year and grew to 2x in another
Consolidated financial statements for 2020–2025 and the 2026 half-year report that Hyosung TNC Corporation filed with DART, laid out by year. No interpretation or outlook.
Hyosung TNC Corporation financial statements, 6 years: Operating income rose 434% in one year and grew to 2x in another
The consolidated financial statements in the 2020–2025 annual reports that Hyosung TNC Corporation (298020) filed with Korea’s DART electronic disclosure system, laid out by year. Figures from the 2026 half-year report cover a different period and are shown separately. Every figure below is taken as filed in the DART submissions; there is no interpretation or outlook. Amounts are in Korean won (KRW; bn = billion, tn = trillion).
1. Income statement — operating income changed by more than 70% in 3 years
| Fiscal year | Revenue | Revenue change | Operating income | Op. income change | Operating margin | Net income |
|---|---|---|---|---|---|---|
| 2020 | 5.16tn | — | 266.6bn | — | 5.2% | 168.3bn |
| 2021 | 8.60tn | +66.54% | 1.42tn | +434.08% | 16.6% | 1.01tn |
| 2022 | 8.88tn | +3.34% | 123.6bn | −91.32% | 1.4% | 19.2bn |
| 2023 | 7.53tn | −15.26% | 213.4bn | +72.66% | 2.8% | 98.7bn |
| 2024 | 7.78tn | +3.31% | 270.7bn | +26.87% | 3.5% | 183.8bn |
| 2025 | 7.69tn | −1.04% | 251.5bn | −7.10% | 3.3% | 38.2bn |
Revenue was largest in 2022 at KRW 8.88tn and smallest in 2020 at KRW 5.16tn among the six years. It fell from the previous year twice: 2023 (−15.26%), 2025 (−1.04%).
Operating income was largest in 2021 at KRW 1.42tn and smallest in 2022 at KRW 123.6bn. The operating margin was highest in 2021 at 16.6%.
Net income was largest in 2021 at KRW 1.01tn and smallest in 2022 at KRW 19.2bn.
2. Financial position — equity became 2.74x
| Fiscal year | Total assets | Total equity | Debt ratio | Current ratio |
|---|---|---|---|---|
| 2020 | 2.82tn | 715.4bn | 294.8% | 74.0% |
| 2021 | 4.53tn | 1.76tn | 156.7% | 115.8% |
| 2022 | 4.32tn | 1.52tn | 185.0% | 98.1% |
| 2023 | 4.07tn | 1.57tn | 159.5% | 98.6% |
| 2024 | 4.72tn | 1.82tn | 159.6% | 87.4% |
| 2025 | 5.74tn | 1.96tn | 193.3% | 77.1% |
The debt ratio was highest in 2020 at 294.8% and lowest in 2021 at 156.7%.
Over the same period total assets went from KRW 2.82tn to KRW 5.74tn (2.03x), and total equity went from KRW 715.4bn to KRW 1.96tn and became 2.74x.
The current ratio was below 100% in 5 years, 2020, 2022, 2023, 2024 and 2025 — in those years current liabilities exceeded current assets.
3. Cash flow — positive in all six years
| Fiscal year | Operating cash flow | Net income | Operating CF ÷ net income | ROE |
|---|---|---|---|---|
| 2020 | 564.8bn | 168.3bn | 3.36x | 23.5% |
| 2021 | 643.3bn | 1.01tn | 0.64x | 57.1% |
| 2022 | 293.4bn | 19.2bn | 15.29x | 1.3% |
| 2023 | 602.0bn | 98.7bn | 6.10x | 6.3% |
| 2024 | 654.9bn | 183.8bn | 3.56x | 10.1% |
| 2025 | 456.1bn | 38.2bn | 11.94x | 1.9% |
Operating cash flow was positive in all six years. It was largest in 2024 at KRW 654.9bn and smallest in 2022 at KRW 293.4bn.
ROE was highest in 2021 at 57.1% and lowest in 2022 at 1.3%.
4. Latest half-year report (end of H1, 9th fiscal period, consolidated basis)
The period differs, so these figures cannot be compared directly with the annual tables above. Only cumulative figures for the same period of the previous year are compared.
| Item | 2026 cumulative | Same period last year | Change |
|---|---|---|---|
| Revenue | 4.51tn | 3.84tn | +17.40% |
| Operating income | 275.0bn | 150.7bn | +82.48% |
| Net income | 174.8bn | 45.8bn | +281.51% |
| Finance income | 122.2bn | 110.7bn | +10.43% |
| Operating cash flow | 198.3bn | — | — |
At the end of the period, total assets were KRW 6.34tn, total liabilities KRW 4.14tn and total equity KRW 2.20tn.
The cumulative operating margin was 6.1%.
5. Ownership, dividends and staff (as of the 2025 annual report)
- Largest shareholder: Hyosung Corporation, stake 20.78%
- Cash dividend per share KRW 10,100, payout ratio 400.83%, dividend yield 4.26%
- Employees: 2,532, average pay per employee KRW 78m
How to read this
This page lays out the filed figures by year and nothing more. Financial statements do not say why the numbers moved, so neither do we.
The order of publication follows revenue in the latest fiscal year and has nothing to do with the content.
To check the same figures, search for the company on DART and open the consolidated financial statements in its annual reports. Every number here was computed from the 2020–2025 annual reports and the interim report downloaded through the OpenDART API on 2026-10-23; ratios divide the filed account amounts.
This article is for information only and is not investment advice.