The headquarters of Korea Gas Corp. / Courtesy of Korea Gas Corp.

Korea Gas Corp. reported Friday a strong return to profitability in 2024, driven by a surge in operating profit and efforts to reduce interest expenses.

Its operating income for the year soared 93.3 percent year-on-year to 3 trillion won, while annual revenue decreased 13.8 percent to 38.38 trillion won. Despite the revenue decline, the state-run company posted a net profit of 1.14 trillion won, reversing a loss of 747.4 billion won in 2023, according to its regulatory filing.

Korea Gas attributed the turnaround to lower interest payments, which helped boost operating profits. The sharp increase in operating income was also influenced by a base effect from 2023, when one-off factors, such as losses from its natural gas business and subsidies for low-income households, weighed down profits.

The company reported strong performance in overseas markets, including Australia, Iraq and Myanmar, contributing to the improvement. However, it noted that sales fell in 2024, primarily due to a decline in gas prices.

For the fourth quarter, the company's operating profit surged 122.1 percent year-on-year to 1.17 trillion won, while revenue decreased 5.9 percent to 9.97 trillion won during the same period.