The combined operating profit of South Korea’s top 500 companies soared by 66% in 2024, reaching an impressive 183.7 trillion won ($125.3 billion), up from 110.6 trillion won in 2023, according to a report by corporate tracker CEO Score released Wednesday.

This remarkable surge, driven primarily by a booming global semiconductor market, underscores the pivotal role of tech giants like Samsung Electronics and SK Hynix in propelling the nation’s economic rebound.

The report highlights a 5.8% increase in combined annual sales, climbing to 2,523 trillion won from 2,384 trillion won the previous year, while net profit skyrocketed by 74.5%. The semiconductor sector’s resurgence, fueled by robust demand for artificial intelligence (AI) memory products, was the standout performer.

SK Hynix posted the largest gain, swinging from a 7.7 trillion won operating loss in 2023 to a 23.5 trillion won profit in 2024—a turnaround of over 31.2 trillion won. Samsung Electronics, the world’s leading memory chipmaker, also contributed significantly, though specific figures for its annual performance were not detailed in the report.

This profit leap reflects South Korea’s strategic edge in high-tech industries, with chipmakers capitalizing on AI-driven demand from global markets, particularly the U.S. However, the report also signals a broader economic recovery, as the top 500 firms—spanning diverse sectors—collectively bolstered their financial health.

Analysts attribute this growth to improved export conditions and innovation, despite challenges like global trade uncertainties. As South Korea solidifies its position as a tech powerhouse, the 2024 figures mark a banner year for its corporate giants, setting an optimistic tone for 2025.