KT Corp posts record 2024 revenue, profit hit by restructuring costs.

Seoul, South Korea—KT Corp (NYSE: KT) reported a record annual revenue of KRW26.43 trillion (US$17.90 billion) in 2024, a 0.2% increase from the previous year. 

This increase was driven by growth in its core telecommunications, real estate, and artificial intelligence businesses.

Operating profit declined 50.9% to KRW809.5 billion (US$548.3 million) due to one-off labor costs associated with workforce restructuring. 

If these one-time expenses had been excluded, operating profit would have increased by 9.8% to KRW1.81 trillion (US$1.23 billion).

The company's wireless service revenue grew 1.7% year-on-year to KRW6.63 trillion (US$4.49 billion), supported by increased 5G penetration, which reached 77.8% of total handset subscribers. 

By year-end, KT's 5G subscriber base exceeded 10.4 million users.

Despite efforts to streamline low-margin businesses, B2B service revenue rose 2.9% to KRW3.56 trillion (US$2.41 billion). 

The company's AI and IT business revenue increased 11.9% to KRW1.11 trillion (US$752.5 million).

The company announced a fourth-quarter dividend of KRW500 (US$0.34) per share, bringing the total 2024 dividend to KRW2,000 (US$1.35) per share. 

KT plans a share buyback and cancellation program worth KRW250 billion (US$169.3 million) in 2025 as part of a larger KRW1 trillion (US$677.3 million) shareholder return initiative through 2028.

KT targets consolidated revenue exceeding KRW28 trillion (US$18.97 billion) in 2025. In the first half of 2025, the company will launch Korea-specific AI models and secure public cloud services in partnership with Microsoft.

* $1 = KRW 1,476.39