Korean companies' earnings recorded a 20 percent year-on-year gain in 2024 on increased exports of semiconductors, government data showed Tuesday. The combined before-tax net profit of Korean companies reached 181.9 trillion won ($123.9 billion) last year, up 20.6 percent from 150.8 trillion won tallied in 2023, according to data compiled by the Ministry of Data and Statistics. The figure rebounded after declining for two consecutive years, the data showed. The manufacturing sector, considered the backbone of the Korean economy, posted a pre-tax net profit of 123.5 trillion won in 2024, up 29.7 trillion won, or 32 percent, compared to a year earlier. "Corporate earnings were boosted by increased exports of semiconductors, as 2024 was a transitional year for artificial intelligence (AI)," Yoon Hee-cho, an agency official, said. In line with such a trend, Korean companies increased their spending on research and development (R&D), with related expenditures rising 21.4 percent year-on-year to 97 trillion won. The surveyed firms' combined sales reached 3,371.1 trillion won this year, up 5.2 pe