ULSAN, South Korea — SONGWON Industrial Group recently released its financial results for the third quarter of 2021. During the third quarter of 2021, the group achieved consolidated sales of 260,137 million KRW, marking a 33.2% rise in revenue over sales recorded in the same quarter of the previous year (195,237 million KRW). The group reported a net profit of 20,972 million KRW for the 3rd quarter, which was more than double the result achieved in the third quarter of 2020 (8,746 million KRW).
Year-to-date (YTD), the group realized consolidated sales of 714,715 million KRW, representing an 18.3% rise over YTD September 2020 (603,925 million KRW), and recorded a net profit of 45,109 million KRW, delivering a 77.9% increase over the same reporting period in the previous year (YTD September 2020: 25,350 million KRW). In addition, the group achieved a gross profit margin of 26.3% in the third quarter of 2021 and YTD 23.6% reflecting an increase of 5.5%-points and 3.1%-points, respectively, over the comparable period of the prior year.