SK hynix Inc. reported financial results for 2024, with revenues surging 102% to 66.19 trillion won ($46.34 billion), driven by explosive demand for artificial intelligence memory products.

The South Korean semiconductor manufacturer, a critical supplier to Nvidia Corp. ( NVDA ) , transformed from a loss-making position in 2023 to delivering a robust net profit of 19.79 trillion won ($13.84 billion).

The fourth-quarter performance highlighted the company’s strategic pivot, with revenues climbing 75% year-over-year to 19.7670 trillion won ($13.7 billion) and operating profit skyrocketing 2,236% to 8.08 trillion won ($5.66 billion). High-bandwidth memory emerged as a key growth driver, representing over 40% of total DRAM revenue and underscoring the company’s critical role in the AI semiconductor supply chain.

CFO Kim Woohyun emphasized the company’s profitability-first approach, noting “fundamental improvements” in high value-added product mix. The company plans continued investment in advanced memory technologies like HBM3E and HBM4, targeting growing demand from global technology leaders investing heavily in AI infrastructure.

Financial improvements were complemented by balance sheet optimization, with cash equivalents increasing 5.2 trillion won ($3.64 billion) and debt reducing 6.8 trillion won ($4.76 billion) in 2024. SK hynix also raised its annual dividend by 25% to 1,500 won ($1.05) per share, signaling confidence in its strategic positioning.

Price Action: SK Hynix stock is trading at 218,500 won ($151.97) on Thursday, down 3.10% as of 10:38 a.m. local time on the South Korea Exchange. Over the past year, the stock has surged by 55.18%, according to data from Benzinga Pro.

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