Incheon’s Listed Companies Show Steady Growth in Second Quarter Performance
Incheon’s large companies continue to thrive despite the global economic downturn. One such company, Hyundai Steel, reported an operating profit of KRW 465.1 billion in the second quarter of this year, representing a 39.3% increase from the previous quarter. Although this figure indicates a decrease of 43.4% compared to the same period last year, second quarter sales reached 7,138.3 billion won, with net profit reaching 293.5 billion won. These numbers represent an 11.7% increase in sales and a 34.8% increase in net profit compared to the previous quarter.
The improved profit and loss for Hyundai Steel can be attributed to increased demand for car plates and the seasonal increase in long product sales volume. The company has also secured new orders by developing steel products required by global companies and expanding its sales channels. In addition, Hyundai Steel is actively working towards carbon neutrality by investing in low carbon production methods and developing low carbon steel products.
Another listed company in Incheon, HD Hyundai Infracore, also reported positive results in the second quarter of this year. Its operating profit reached 162 billion won, marking an 87% increase from the same period last year. Sales increased by 10.6% year over year to KRW 1.314 trillion, with net profit increasing by 96.9% to KRW 113.2 billion. HD Hyundai Infracore attributes its improved profitability to regional and product mix improvements, as well as price increases.
In the construction equipment business, HD Hyundai Infracore recorded sales of KRW 1.133 trillion and operating profit of KRW 115.8 billion in the second quarter. Compared to the same period last year, these figures increased by 7.8% and 126.6%, respectively. The engine business also saw positive growth, with sales increasing by 21% to KRW 300.7 billion and operating profit increasing by 30% to KRW 46.2 billion compared to the same period last year.
Samsung Biologics, another major player in the Incheon area, reported a consolidated operating profit of 253.4 billion won in the second quarter of this year, representing a 49.37% increase from the same period last year. Sales also saw significant growth, increasing by 32.97% to KRW 866.2 billion, with net profit increasing by 21.6% to KRW 184.9 billion. Samsung Biologics recorded a total of 1.5871 trillion won in sales and 445.2 billion won in operating profit during the first half of the year, marking a 36% and 29% increase, respectively, compared to the first half of last year.
These impressive performances by Incheon’s listed companies demonstrate their resilience and ability to thrive even in challenging economic times.
Incheon Listed Company 2nd Quarter Performance Statement
HD Hyundai Infracore KRW 162 billion
Samsung Biologics won 253.4 billion
Steady growth amid the economic downturn
Despite the global economic downturn, large companies in the Incheon area are showing equal growth.
According to Hyundai Steel on the 30th, operating profit for the second quarter of this year on a consolidated basis was KRW 465.1 billion, an increase of 39.3% from the previous quarter.
Compared to operating profit (822.1 billion won) for the same period last year, there was a 43.4% decrease in operating profit in the second quarter of this year. Second quarter sales were 7,138.3 billion won and net profit was 293.5 billion won, respectively. Compared to the previous quarter, sales increased by 11.7% and net profit also increased by 34.8%.
It is analyzed that Hyundai Steel’s profit and loss improved as long product sales volume increased due to increased demand for car plates and seasons.
Hyundai Steel secures new orders by developing the type of steel (type of steel product) required by global companies and proceeding with parts approval in line with the electrification trend of finished vehicles. It is expanding sales of environmentally friendly construction steel products by acquiring H-beam low carbon product certification for the first time in the steel industry, while increasing demand from new customers by securing a digital sales channel in the online steel center and recently unveiled ‘HCORE STORE’. At the same time, it also promotes the development of low carbon products by transitioning to a carbon neutral system and the electric furnace/blast furnace complex process.
In April, he published a road map for carbon neutrality and announced that he would build a complex process for electric furnaces and blast furnaces to transition to a low carbon production system. By 2025, it plans to invest 150 billion won in the existing electric furnace to establish a method of mixing low-carbon molten iron into the blast furnace transformation process. Through this, the company intends to establish a system to supply 4 million tons of low carbon steel sheet per year, which has 20% less carbon than the current steel sheet.
HD Hyundai Infracore’s operating profit in the second quarter of this year was 162 billion won, an increase of 87% from the same period last year.
Sales increased 10.6% year over year to KRW 1.314 trillion, and net profit increased 96.9% to KRW 113.2 billion.
HD Hyundai Infracore believes that the improvement in regional and product mix and price increases have led to improved profitability, leading to a significant increase in operating profit.
By division, the construction equipment business recorded sales of KRW 1.133 trillion and operating profit of KRW 115.8 billion. Compared to the same period last year, they increased by 7.8% and 126.6%, respectively.
Sales of the engine business increased by 21% to KRW 300.7 billion and operating profit increased by 30% to KRW 46.2 billion compared to the same period last year.
In the construction equipment business, sales increased by 41% compared to the previous year, mainly in advanced markets such as North America and Europe. In emerging markets, sales volume decreased slightly due to global tightening policies, but sales increased by 6% compared to the previous year by focusing sales forces in growing markets such as Latin America and the East Center.
Samsung Biologics’ consolidated operating profit for the second quarter of this year was 253.4 billion won, up 49.37% from the same period last year.
Sales increased by 32.97% to KRW 866.2 billion compared to the same period last year, and net profit increased by 21.6% to KRW 184.9 billion. As a result, Samsung Biologics recorded 1.5871 trillion won in sales and 445.2 billion won in operating profit on a consolidated basis during the first half of the year. This represents an increase of 36% and 29%, respectively, compared to the first half of last year.
/Reporter Kwak Anna lucete237@incheonilbo.com
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