d'Alba Global Co., Ltd. – Company Intelligence Brief

1. Business Overview

d'Alba Global Co., Ltd. (KOSDAQ: 483650) is a Korean cosmetics company operating in the beauty and personal care sector. Based on the consolidated financial statements (제9기/FY2024), the company has demonstrated significant scale expansion with total assets reaching KRW 136.1 billion as of December 31, 2024. The company operates through multiple subsidiaries on a consolidated basis, though specific segment breakdowns are not detailed in the available DART filing data. d'Alba is recognized as a K-beauty brand player with both domestic and international distribution channels.

[TRANSLATION NOTE] The exact product categories and business segment descriptions would require translation of additional Korean disclosure documents not included in this numeric dataset.

2. Financial Trend

d'Alba exhibits exceptional growth momentum. Revenue surged 54% year-over-year to KRW 309.1 billion in 2024 from KRW 200.8 billion in 2023. Operating profit nearly doubled to KRW 59.8 billion (2024) from KRW 32.4 billion (2023), yielding an impressive operating margin expansion from 16.2% to 19.4%—a 320 basis point improvement.

Net income grew to KRW 15.4 billion in 2024 from KRW 13.6 billion in 2023, though the growth rate (13%) lagged operating profit due to non-operating items. Notably, retained earnings turned sharply positive to KRW 25.8 billion from a deficit of negative KRW 3.8 billion two years prior (FY2022).

The balance sheet strengthened substantially. Total liabilities declined to KRW 34.0 billion (2024) from KRW 62.5 billion (2023), while equity surged to KRW 102.1 billion from KRW 15.5 billion—an equity increase driven by capital raising (capital stock increased from KRW 889.6 million to KRW 1.15 billion) and profit accumulation. The debt-to-equity ratio improved dramatically to approximately 0.33x from 4.03x year-over-year.

3. Ownership Structure

Specific ownership structure and foreign ownership percentage data are not included in the provided DART financial statement extracts. [TRANSLATION NOTE] This information typically appears in separate Korean-language disclosure sections (지분 현황) that would require translation from additional regulatory filings not provided in this dataset.

4. Key Risks

Margin Compression Risk: Despite current margin expansion, the significant gap between operating profit growth (+84% YoY) and net profit growth (+13% YoY) indicates substantial non-operating expenses or financial costs. The FY2024 pre-tax income of KRW 29.1 billion versus operating income of KRW 59.8 billion suggests approximately KRW 30.7 billion in net non-operating losses—a structural concern if persistent.

Working Capital Intensity: Current assets ballooned to KRW 128.3 billion (94% of total assets), suggesting heavy inventory or receivables concentration typical in cosmetics distribution—exposing the company to demand shifts, channel destocking, or collection risk.

5. Investment Consideration

d'Alba presents a high-growth K-beauty consolidation story with strong top-line momentum and improving margins, but investors should assess the sustainability of 50%+ revenue growth rates and monitor the significant non-operating drag on bottom-line profitability relative to operational performance.

Market Cap: KRW 2.18 trillion (as provided)
Data Source: DART Filing 20250318000466 (FY2024 Consolidated Financials)