SEOUL, December 20 (ANI/WAM): South Korean companies recorded a strong 20.6% year-on-year rise in earnings in 2024, driven largely by increased semiconductor exports amid growing global demand for artificial intelligence technologies, government data showed on Tuesday.
The combined pre-tax net profit of South Korean companies reached 181.9 trillion won (USD 123.9 billion) last year, up from 150.8 trillion won in 2023, according to figures compiled by the Ministry of Data and Statistics.
In line with the earnings growth, corporate spending on research and development also rose sharply. R&D expenditure increased 21.4% year-on-year to 97 trillion won, reflecting a continued focus on innovation and advanced technologies.
The combined sales of surveyed firms stood at 3,371.1 trillion won in 2024, marking a 5.2% increase from the previous year.
The data further showed that 40.3% of the companies surveyed, or 6,009 out of 14,922 firms, operated subsidiaries both domestically and overseas.
By destination, China accounted for the largest share of overseas subsidiaries at 21.9%, followed by the United States at 16.4% and Vietnam at 11.8%.
In addition, 401 companies expanded into new business areas in 2024, with manufacturing firms accounting for 54.9% of those expansions, underscoring the sector’s central role in South Korea’s economic growth.
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