SONGWON Reports 2022 Financial Results
SONGWON Industrial Group reported its financial results for 2022. The group reported revenues of 297,610 million KRW during fourth-quarter 2022, marking a 5% increase (previous: 283,475 million KRW). In fourth-quarter 2022, the group achieved a net profit of 8,459 million KRW, a decline of -67.6% versus the prior year quarter (previous: 26,100 million KRW).
SONGWON recorded strong overall consolidated sales of 1,329,509 million KRW for FY 2022, a rise of 33.2% compared to the consolidated sales achieved for full-year 2021 (previous: 998,190 million KRW). The group reported a net profit in 2022 of 131,932 million KRW, marking an 85.3% increase compared to the full-year 2021 (previous: 71,209 million KRW). The gross profit margin of 22.7% for the financial year stood slightly higher than in full-year 2021 (previous: 22.3%).
Overall demand began weakening in the third quarter as product availability grew and customers’ destocking activities increased in response to declining raw material costs. Despite this, and amid ongoing geopolitical tensions, supply chain bottlenecks, and rising variable costs across the regions, SONGWON’s divisions benefitted from demand in the first six months of 2022. The group reported its industrial chemicals division achieved revenues of 983,239 million KRW in 2022, 33.7% higher than the previous year (previous: 735,654 million KRW). Performance chemicals division sales for full-year 2022 amounted to 346,270 million KRW, an increase of 31.9% compared to the same reporting period in 2021 (previous: 262,536 Million KRW).
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