The strong growth of semiconductor "big two" SK hynix (000660.KS) and Samsung Electronics (005930.KS) drove a sharp increase in operating profit among Korea's listed companies last year. However, excluding those two firms, overall growth was limited.
According to an analysis released Monday by CEO Score, a corporate data research institute, cumulative operating profit at 254 listed companies — among the nation's top 500 firms by revenue that had filed annual reports — reached 228.27 trillion won ($160 billion), up 43.97 trillion won (23.9%) from 184.31 trillion won a year earlier.
SK hynix and Samsung Electronics, which posted strong growth on the back of expanded artificial intelligence infrastructure investment, led the gains. The two companies' combined operating profit last year came to 90.81 trillion won, up 34.61 trillion won (61.6%) from 56.19 trillion won a year earlier. That increase accounted for 78.7% of the total operating profit growth across all surveyed companies.
The picture changes when the two chipmakers are excluded. Operating profit at the remaining 252 companies rose just 9.35 trillion won (7.3%), from 128.11 trillion won in 2024 to 137.46 trillion won last year.
"On the surface, Korea's major companies appear to have posted significant growth last year, but it is an optical illusion driven by the performance of SK hynix and Samsung Electronics, which rode the semiconductor super cycle," a CEO Score official said.
No. 1 in Operating Profit
SK hynix posted the largest increase in operating profit last year, recording 47.21 trillion won — up 23.74 trillion won (101.2%) from the previous year. Samsung Electronics followed in second place with 43.60 trillion won, and Korea Electric Power Corp. (015760.KS) ranked third with 13.49 trillion won.
Other companies in the top 10 included:
△ Hyundai E&C (000720.KS): 1.92 trillion won (swing to profit)
△ Hanwha (000880.KS): 1.73 trillion won (up 71.6%)
△ KT (030200.KS): 1.66 trillion won (up 205.0%)
△ Hanwha Aerospace (012450.KS): 1.36 trillion won (up 78.4%)
△ HD Hyundai Heavy Industries (329180.KS): 1.33 trillion won (up 188.9%)
△ LG Display (034220.KS): 1.08 trillion won (swing to profit)
△ Hanwha Ocean (042660.KS): 929.7 billion won (up 390.8%)
Kia (000270.KS) posted the steepest decline in operating profit last year, falling 3.59 trillion won (28.3%) from the previous year. Hyundai Motor (005380.KS) also saw a 2.77 trillion won (19.5%) drop amid the fallout from tariffs imposed by the Trump administration in the United States. Samsung SDI (006400.KS) swung to a loss as operating profit fell 2.09 trillion won, hit by a temporary slowdown in electric vehicle demand known as the "EV chasm."
