HL Mando Co., Ltd. financial statements, 6 years: Revenue went from KRW 5.56tn to KRW 9.45tn and became 1.70x
Consolidated financial statements for 2020–2025 and the 2026 half-year report that HL Mando Co., Ltd. filed with DART, laid out by year. No interpretation or outlook.
HL Mando Co., Ltd. financial statements, 6 years: Revenue went from KRW 5.56tn to KRW 9.45tn and became 1.70x
The consolidated financial statements in the 2020–2025 annual reports that HL Mando Co., Ltd. (204320) 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 — revenue peaked in 2025
| Fiscal year | Revenue | Revenue change | Operating income | Op. income change | Operating margin | Net income |
|---|---|---|---|---|---|---|
| 2020 | 5.56tn | — | 88.7bn | — | 1.6% | 13.9bn |
| 2021 | 6.15tn | +10.50% | 232.3bn | +161.90% | 3.8% | 178.6bn |
| 2022 | 7.52tn | +22.27% | 248.1bn | +6.80% | 3.3% | 118.3bn |
| 2023 | 8.39tn | +11.67% | 279.3bn | +12.57% | 3.3% | 154.6bn |
| 2024 | 8.85tn | +5.42% | 358.8bn | +28.46% | 4.0% | 158.2bn |
| 2025 | 9.45tn | +6.86% | 357.1bn | −0.46% | 3.8% | 122.8bn |
Revenue was largest in 2025 at KRW 9.45tn and smallest in 2020 at KRW 5.56tn among the six years. It never fell from the previous year.
Operating income was largest in 2024 at KRW 358.8bn and smallest in 2020 at KRW 88.7bn. The operating margin was highest in 2024 at 4.0%.
Net income was largest in 2021 at KRW 178.6bn and smallest in 2020 at KRW 13.9bn.
2. Financial position — equity became 1.68x
| Fiscal year | Total assets | Total equity | Debt ratio | Current ratio |
|---|---|---|---|---|
| 2020 | 4.94tn | 1.71tn | 188.9% | 118.5% |
| 2021 | 5.70tn | 2.04tn | 179.0% | 138.3% |
| 2022 | 5.85tn | 2.27tn | 157.1% | 138.6% |
| 2023 | 6.29tn | 2.36tn | 166.8% | 123.9% |
| 2024 | 7.05tn | 2.67tn | 163.8% | 126.8% |
| 2025 | 7.14tn | 2.88tn | 148.2% | 122.1% |
The debt ratio was highest in 2020 at 188.9% and lowest in 2025 at 148.2%.
Over the same period total assets went from KRW 4.94tn to KRW 7.14tn (1.45x), and total equity went from KRW 1.71tn to KRW 2.88tn and became 1.68x.
The current ratio was above 100% in all six years, ranging from 118.5% to 138.6%.
3. Cash flow — negative in 1 year
| Fiscal year | Operating cash flow | Net income | Operating CF ÷ net income | ROE |
|---|---|---|---|---|
| 2020 | 430.0bn | 13.9bn | 31.02x | 0.8% |
| 2021 | 412.7bn | 178.6bn | 2.31x | 8.7% |
| 2022 | −13.3bn | 118.3bn | −0.11x | 5.2% |
| 2023 | 429.4bn | 154.6bn | 2.78x | 6.6% |
| 2024 | 434.7bn | 158.2bn | 2.75x | 5.9% |
| 2025 | 720.9bn | 122.8bn | 5.87x | 4.3% |
Operating cash flow was negative in 2022. It was largest in 2025 at KRW 720.9bn.
ROE was highest in 2021 at 8.7% and lowest in 2020 at 0.8%.
4. Latest half-year report (end of H1, 13th 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 | 4.81tn | 4.67tn | +2.89% |
| Operating income | 200.6bn | 183.3bn | +9.45% |
| Net income | 111.9bn | 44.5bn | +151.18% |
| Operating cash flow | 89.4bn | — | — |
At the end of the period, total assets were KRW 7.57tn, total liabilities KRW 4.45tn and total equity KRW 3.12tn.
The cumulative operating margin was 4.2%.
5. Ownership, dividends and staff (as of the 2025 annual report)
- Largest shareholder: HL Holdings Corporation, stake 30.25%
- Cash dividend per share KRW 750, payout ratio 35.20%, dividend yield 1.20%
- Employees: 3,828, average pay per employee KRW 108m
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 2026-10-17; ratios divide the filed account amounts.
This article is for information only and is not investment advice.