GS Holdings financial statements, 6 years: Back to a profit in 2021 after a net loss of KRW 187.8bn in 2020
Consolidated financial statements for 2020–2025 and the 2026 half-year report that GS Holdings filed with DART, laid out by year. No interpretation or outlook.
GS Holdings financial statements, 6 years: Back to a profit in 2021 after a net loss of KRW 187.8bn in 2020
The consolidated financial statements in the 2020–2025 annual reports that GS Holdings (078930) 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 — the sign of net income changed in 2021
| Fiscal year | Revenue | Revenue change | Operating income | Op. income change | Operating margin | Net income |
|---|---|---|---|---|---|---|
| 2020 | 15.35tn | — | 943.2bn | — | 6.2% | −187.8bn |
| 2021 | 20.17tn | +31.40% | 2.65tn | +181.10% | 13.2% | 1.61tn |
| 2022 | 28.78tn | +42.71% | 5.01tn | +88.78% | 17.4% | 2.48tn |
| 2023 | 25.92tn | −9.91% | 3.74tn | −25.19% | 14.4% | 1.58tn |
| 2024 | 25.25tn | −2.60% | 3.08tn | −17.82% | 12.2% | 863.5bn |
| 2025 | 25.18tn | −0.26% | 2.94tn | −4.59% | 11.7% | 1.04tn |
Revenue was largest in 2022 at KRW 28.78tn and smallest in 2020 at KRW 15.35tn among the six years. It fell from the previous year 3 times: 2023 (−9.91%), 2024 (−2.60%), 2025 (−0.26%).
Operating income was largest in 2022 at KRW 5.01tn and smallest in 2020 at KRW 943.2bn. The operating margin was highest in 2022 at 17.4%.
Net income was largest in 2022 at KRW 2.48tn and smallest in 2020 at KRW −187.8bn.
2. Financial position — equity became 1.78x
| Fiscal year | Total assets | Total equity | Debt ratio | Current ratio |
|---|---|---|---|---|
| 2020 | 24.48tn | 10.76tn | 127.5% | 86.0% |
| 2021 | 31.19tn | 14.20tn | 119.6% | 98.0% |
| 2022 | 33.92tn | 16.49tn | 105.7% | 91.6% |
| 2023 | 34.45tn | 17.63tn | 95.5% | 90.7% |
| 2024 | 35.06tn | 18.47tn | 89.8% | 94.2% |
| 2025 | 35.71tn | 19.19tn | 86.0% | 93.7% |
The debt ratio was highest in 2020 at 127.5% and lowest in 2025 at 86.0%.
Over the same period total assets went from KRW 24.48tn to KRW 35.71tn (1.46x), and total equity went from KRW 10.76tn to KRW 19.19tn and became 1.78x.
The current ratio was below 100% in all six years — current liabilities exceeded current assets every year. It ranged from 86.0% to 98.0%.
3. Cash flow — positive in all six years
| Fiscal year | Operating cash flow | Net income | ROE |
|---|---|---|---|
| 2020 | 1.74tn | −187.8bn | −1.8% |
| 2021 | 1.01tn | 1.61tn | 11.4% |
| 2022 | 2.74tn | 2.48tn | 15.1% |
| 2023 | 3.02tn | 1.58tn | 9.0% |
| 2024 | 2.43tn | 863.5bn | 4.7% |
| 2025 | 2.19tn | 1.04tn | 5.4% |
Operating cash flow was positive in all six years. It was largest in 2023 at KRW 3.02tn and smallest in 2021 at KRW 1.01tn.
ROE was highest in 2022 at 15.1% and lowest in 2020 at −1.8%.
4. Latest half-year report (end of H1, 23rd 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 | 14.26tn | 12.16tn | +17.22% |
| Operating income | 2.98tn | 1.29tn | +130.82% |
| Net income | 1.96tn | 379.9bn | +415.58% |
| Finance income | 126.7bn | 111.2bn | +13.96% |
| Operating cash flow | 1.62tn | — | — |
At the end of the period, total assets were KRW 37.84tn, total liabilities KRW 16.82tn and total equity KRW 21.03tn.
The cumulative operating margin was 20.9%.
5. Ownership, dividends and staff (as of the 2025 annual report)
- Largest shareholder: 허용수 (name as filed), stake 5.26%
- Cash dividend per share KRW 3,000, payout ratio 35.60%, dividend yield 4.30%
- Employees: 96, average pay per employee KRW 142m
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 2026-10-01; ratios divide the filed account amounts.
This article is for information only and is not investment advice.