Seoul [South Korea], December 20 (ANI/WAM): South Korean companies’ earnings recorded a 20 per cent on-year gain in 2024 on increased exports of semiconductors, government data showed Tuesday.
The combined before-tax net profit of South Korean companies reached 181.9 trillion won (US$123.9 billion) last year, up 20.6 per cent from 150.8 trillion won tallied in 2023, according to data compiled by the Ministry of Data and Statistics.
In line with such a trend, South Korean companies increased their spending on research and development (R&D), with related expenditures rising 21.4 per cent on-year to 97 trillion won.
The surveyed firms’ combined sales reached 3,371.1 trillion won this year, up 5.2 per cent from the previous year.
The data, meanwhile, showed that 40.3 per cent of the polled firms, or 6,009 out of 14,922, held subsidiaries at home and abroad.
By country, China accounted for the largest share of 21.9 per cent, followed by the United States with 16.4 per cent and Vietnam with 11.8 per cent.
A total of 401 companies expanded into new business areas in 2024, with 54.9 per cent of them in the manufacturing sector. (ANI/WAM)