Painting & Coating Industry (PCI) logo Powder coating summit logo
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • PRODUCTS
  • MATERIALS
  • TECHNOLOGIES
  • RESOURCES
  • EVENTS
  • DIRECTORIES
  • EMAGAZINE
  • CONTACT
  • SIGN UP!
cart
facebook twitter linkedin youtube
  • NEWS
  • Latest News
  • Market Trends & Reports
  • Price Alerts
  • Subscribe to eNewsletters
  • Global Top 10/ PCI 25
  • Weekly Featured Article
  • COATLE Word Game
  • PRODUCTS
  • Product News
  • Must See Products and Services
  • MATERIALS
  • Additives
  • Resins/Polymers
  • Pigments
  • Equipment
  • Distributors
  • TECHNOLOGIES
  • Adhesives
  • Architectural Coatings
  • FINISHING
  • Industrial Coatings
  • Nanotechnology
  • Powder Coatings
  • Solventborne
  • Special Purpose Coatings
  • Sustainability
  • UV Coatings
  • Waterborne
  • FINISHING
  • Finishing News
  • Finishing Technologies
  • Finishing Equipment
  • Finishing Today
  • RESOURCES
  • Columns
  • Blogs
  • Coatings Supplier Handbook
  • Podcasts and Videos
  • PCI Store
  • Classifieds
  • eBooks
  • Sponsor Insights
  • White Papers
  • COATLE Word Game
  • Columns
  • Ask Joe Powder
  • Did you know?
  • Distribution Dive
  • Focus on Canada
  • Formulating With Mike
  • Innovation Insights
  • Moody's Coatings Conundrums
  • Powder Coating Perspectives
  • Target the Market
  • TiO2 Insider
  • Blogs
  • Editor's Viewpoint
  • Industry Insights
  • Podcasts and Videos
  • COAT-IT! Podcast
  • Videos/PCI TV
  • EVENTS
  • Coatings Trends & Technologies Summit
  • Paint and Coatings Academy
  • Webinars
  • Calendar of Events
  • Lifetime Achievement Award
  • DIRECTORIES
  • Buyer's Guide
  • Equipment Directory
  • Materials Directory
  • EMAGAZINE
  • Current Issue
  • eMagazine Archive
  • China Issue Archive
  • Editorial Advisory Board
  • CONTACT
  • Contact Us
  • Advertise
  • Subscribe to eMagazine
  • Subscribe to eNewsletters
Painting & Coating Industry (PCI) logo Powder coating summit logo
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Painting & Coating Industry (PCI) logo Powder coating summit logo
  • NEWS
    • Latest News
    • Market Trends & Reports
    • Price Alerts
    • Subscribe to eNewsletters
    • Global Top 10/ PCI 25
    • Weekly Featured Article
    • COATLE Word Game
  • PRODUCTS
    • Product News
    • Must See Products and Services
  • MATERIALS
    • Additives
    • Resins/Polymers
    • Pigments
    • Equipment
    • Distributors
  • TECHNOLOGIES
    • Adhesives
    • Architectural Coatings
    • FINISHING
      • Finishing News
      • Finishing Technologies
      • Finishing Equipment
      • Finishing Today
    • Industrial Coatings
    • Nanotechnology
    • Powder Coatings
    • Solventborne
    • Special Purpose Coatings
    • Sustainability
    • UV Coatings
    • Waterborne
  • RESOURCES
    • Columns
      • Ask Joe Powder
      • Did you know?
      • Distribution Dive
      • Focus on Canada
      • Formulating With Mike
      • Innovation Insights
      • Moody's Coatings Conundrums
      • Powder Coating Perspectives
      • Target the Market
      • TiO2 Insider
    • Blogs
      • Editor's Viewpoint
      • Industry Insights
    • Coatings Supplier Handbook
    • Podcasts and Videos
      • COAT-IT! Podcast
      • Videos/PCI TV
    • PCI Store
    • Classifieds
    • eBooks
    • Sponsor Insights
    • White Papers
    • COATLE Word Game
  • EVENTS
    • Coatings Trends & Technologies Summit
    • Paint and Coatings Academy
    • Webinars
    • Calendar of Events
    • Lifetime Achievement Award
  • DIRECTORIES
    • Buyer's Guide
    • Equipment Directory
    • Materials Directory
  • EMAGAZINE
    • Current Issue
    • eMagazine Archive
    • China Issue Archive
    • Editorial Advisory Board
  • CONTACT
    • Contact Us
    • Advertise
    • Subscribe to eMagazine
    • Subscribe to eNewsletters
  • SIGN UP!
Paint and Coating Market ReportsCompany NewsIndustry News

SONGWON Announces Q1 Financial Results

Market-Reports.jpg
May 16, 2024

SONGWON Industrial Group released its financial results for the 1st quarter of 2024. During Q1/2024, the Group achieved consolidated sales of 255,752 Million KRW marking a 4.3% decline in revenue over sales generated in the same quarter of the previous year (Q1/2023: 267,167 Million KRW). SONGWON reported a similar gross profit margin of 15.3% in the first 3 months of the year when compared to the 1st quarter of 2023 (Q1/2023: 15.4%) and a net profit of 6,662 Million KRW (Q1/2023: 10,626 Million KRW).

 

 

Q1

 

 

In Million KRW

2024

2023 

∆%

 

 

Sales

255,752

267,167

-4.3%

 

 

Gross profit

39,134

41,076

-4.7%

 

 

Gross profit margin

15.3%

15.4%

 

 

 

Operating profit

12,130

18,489

-34.4%

 

 

EBITDA

22,215

27,124

-18.1%

 

 

EBITDA margin

8.7%

10.2%

 

 

 

EBIT

11,629

18,742

-38.0%

 

 

EBIT margin

4.5%

7.0%

 

 

 

Profit for the period

6,662

10,626

-37.3%

 

 

As anticipated, the challenging global environment persisted into Q1/2024 marked by the complex macroeconomic landscape and ongoing global political tensions from 2023, impacting the industry. Against this backdrop, SONGWON's Divisions faced ongoing headwinds such as competitive pricing pressures and logistic complexities, mirroring the challenges in previous quarters. In the 1st quarter of 2024, Division Industrial Chemicals achieved consolidated sales of 192,785 Million KRW, reflecting a slight decrease in revenue of 1.6 % compared to the 1st quarter of 2023 (Q1/2023: 195,947 Million KRW). Division Performance Chemicals also saw a decline in revenues reporting consolidated sales of 62,967 Million KRW in Q1/2024 with a decrease of 11.6% compared to the same quarter of 2023 (Q1/2023: 71,220 Million KRW).

Throughout Q1/2024, Division Industrial Chemicals navigated challenges including logistical hurdles caused by issues in the Suez and Panama Canals, leading to prolonged distribution times. Intense price competition, particularly from China, along with market saturation from low-priced products and low raw material prices also influenced performance. Despite these hurdles, the division remained resilient, implementing strategies to defend its market share effectively. In Q1/2024, Polymer Stabilizers recorded a rise in sales volumes and revenue compared to Q1/2023, driven partly by customers increasing safety stocks due to longer lead times caused by the current logistics issues. Leveraging SONGWON's reputation for supply reliability, Polymer Stabilizers also secured significant new business. In the 1st quarter of 2024, Fuel and Lubricant Additives faced flat demand and intense price competition, resulting in lower revenues compared to Q1/2023, further exacerbated by lower raw material costs applied to the previously implemented formula pricing. Traditionally a strong quarter for Coatings, the business saw increased demand due to customers building safety stocks in response to the longer lead times caused by logistics disruption.

In Q1/2024, Division Performance Chemicals faced the same global headwinds. Customers’ ongoing destocking activities and reduced market demand led to a sluggish start to the year for Tin Intermediates in terms of volume and revenue, despite an upward trend in tin ingot prices. In the 1st quarter of 2024, PVC observed positive market demand, recovery in Korea and strong growth in the EMEA region, signaling promising trends and potential for future improvement despite the current downside in the construction market.

SONGWON anticipates that 2024 will continue to be a challenging year clouded by geopolitical tensions, logistics issues, demand unpredictability and uncertainties surrounding the timing of China's economic rebound. These factors, as well as customers' inability to provide annual projections, have made it difficult for SONGWON to make any accurate market predictions. Nevertheless, the company remains committed to improving profitability by leveraging strengths, implementing strategic measures and expanding globally. Going forward, SONGWON will continue to seize growth opportunities prudently while prioritizing innovation, sustainability and competitiveness across its core businesses.

The Q1/2024 Report can be downloaded at: www.songwon.com/investors/reports-publications. 

KEYWORDS: financial reports financial results quarterly reports

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
to unlock your recommendations.

Already have an account? Sign In

  • pci1022-Kinaltek-Lead-1170.jpg

    A Novel Pigment Production Technology

    Following an extensive R&D program that demonstrated...
    Paint and Coating Pigments
    By: Jawad Haidar and Nitin Soni
  • pci global top 10

    2025 Global Top 10: Top Paint and Coatings Companies

    The following is PCI’s annual ranking of the top 10...
    Global Top 10 and PCI 25
    By: Courtney Bassett
  • 2025 pci 25

    2025 PCI 25: Top Paint and Coatings Companies

    PCI's annual ranking of the top 25 North American paint...
    Global Top 10 and PCI 25
    By: Courtney Bassett
You must login or register in order to post a comment.

Report Abusive Comment

Manage My Account
  • eMagazine
  • eNewsletter
  • Online Registration
  • Subscription Customer Service

The Coatings Minute: Print Returns with PCI’s New Showcase Issue

The Coatings Minute: Print Returns with PCI’s New Showcase Issue

The Coatings Minute: Your Guide to the 2025 Coatings Supplier Handbook

The Coatings Minute: Your Guide to the 2025 Coatings Supplier Handbook

The Coatings Minute: Your Inside Look at PCInnovations

The Coatings Minute: Your Inside Look at PCInnovations

CTT Registration Now Open

CTT Registration Now Open

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the PCI audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of PCI or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • Modern arapartment complex painted in bright colors.
    Sponsored byEPS - Engineered Polymer Solutions

    Architectural Polymers Leading the Way in Coatings Innovation

  • paint sprayer in a workshop
    Sponsored byallnex

    Enabling Performance and Compliance: allnex Introduces a New Line of VOC Exempt Solvent-Borne Resins

Popular Stories

No. 7 BASF Coatings

BASF Comments on Potential Sale of Coatings Business

No. 3 AkzoNobel

AkzoNobel’s $1.4B Divestment Signals Strategy Shift

PCI voices from the top

eBook | PCI Voices from the Top



PCI Buyers Guide

Submit a Request for Proposal (RFP) to suppliers of your choice with details on what you need with a click of a button

Start your RFP

Browse our Buyers Guide for manufacturers and distributors of all types of coatings products and much more!

Find Suppliers

Events

September 3, 2025

Coatings Trends & Technologies Summit

The Coatings Trends & Technologies (CTT) Summit is an annual conference for both liquid and powder coatings formulators and manufacturers to discuss innovations in coatings technology. This event combines high-quality technical presentations, a resource-rich exhibit hall, and dedicated networking opportunities to connect scientific minds, foster innovation, and cultivate game-changing new ideas!

January 1, 2030

Webinar Sponsorship Information

For webinar sponsorship information, visit www.bnpevents.com/webinars or email webinars@bnpmedia.com.

View All Submit An Event

Poll

Longest-running laboratory experiment

What is the longest-running laboratory experiment?
View Results Poll Archive

Products

CTT Summit Short Courses (Live 9/3/25)

Coatings Trends & Technologies Summit is expanding its offerings with four short courses. These short courses will offer an extensive day of interactive learning.

See More Products
pci voices from the top ebook

PCI CASE EBOOK

Related Articles

  • Market Reports 2.jpg

    SONGWON Industrial Group Announces Q2 2023 Financial Results

    See More
  • PPG logo

    PPG to Announce Q1 Financial Results on April 29

    See More
  • Axalta logo in the Royal Magenta color

    Axalta to Release Q1 Financial Results on May 7

    See More

Related Products

See More Products
  • organic coatings.jpg

    Organic Coatings: Science and Technology, 4th Edition

  • cold-spray-tech

    Cold Spray Technology

  • auto-paints-and-coatings

    Automotive Paints and Coatings, 2nd Edition

See More Products
×

Keep the info flowing with our eNewsletters!

Get the latest industry updates tailored your way.

JOIN TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletters
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey & Sample
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • Youtube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing

Painting & Coating Industry (PCI) logo Powder coating summit logo
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Painting & Coating Industry (PCI) logo Powder coating summit logo
  • NEWS
    • Latest News
    • Market Trends & Reports
    • Price Alerts
    • Subscribe to eNewsletters
    • Global Top 10/ PCI 25
    • Weekly Featured Article
    • COATLE Word Game
  • PRODUCTS
    • Product News
    • Must See Products and Services
  • MATERIALS
    • Additives
    • Resins/Polymers
    • Pigments
    • Equipment
    • Distributors
  • TECHNOLOGIES
    • Adhesives
    • Architectural Coatings
    • FINISHING
      • Finishing News
      • Finishing Technologies
      • Finishing Equipment
      • Finishing Today
    • Industrial Coatings
    • Nanotechnology
    • Powder Coatings
    • Solventborne
    • Special Purpose Coatings
    • Sustainability
    • UV Coatings
    • Waterborne
  • RESOURCES
    • Columns
      • Ask Joe Powder
      • Did you know?
      • Distribution Dive
      • Focus on Canada
      • Formulating With Mike
      • Innovation Insights
      • Moody's Coatings Conundrums
      • Powder Coating Perspectives
      • Target the Market
      • TiO2 Insider
    • Blogs
      • Editor's Viewpoint
      • Industry Insights
    • Coatings Supplier Handbook
    • Podcasts and Videos
      • COAT-IT! Podcast
      • Videos/PCI TV
    • PCI Store
    • Classifieds
    • eBooks
    • Sponsor Insights
    • White Papers
    • COATLE Word Game
  • EVENTS
    • Coatings Trends & Technologies Summit
    • Paint and Coatings Academy
    • Webinars
    • Calendar of Events
    • Lifetime Achievement Award
  • DIRECTORIES
    • Buyer's Guide
    • Equipment Directory
    • Materials Directory
  • EMAGAZINE
    • Current Issue
    • eMagazine Archive
    • China Issue Archive
    • Editorial Advisory Board
  • CONTACT
    • Contact Us
    • Advertise
    • Subscribe to eMagazine
    • Subscribe to eNewsletters
  • SIGN UP!