SONGWON Reports 2024 Financial Growth
Image courtesy of SONGWON.
SONGWON Industrial Group reported FY2024 sales of 1,070,200 million KRW, a 3.9% increase over 2023, with a net profit of 45,088 million KRW, up 29.4%. Despite global economic challenges, supply chain issues and geopolitical instability, the company maintained a gross profit margin of 16.5%, exceeding its 2023 performance.
Key division highlights:
- Industrial Chemicals: 4.3% sales growth, driven by polymer stabilizers and coatings.
- Performance Chemicals: 2.7% revenue increase, supported by strong tin intermediates and TPU demand.
Looking ahead, SONGWON anticipates continued political and economic uncertainty but remains focused on operational efficiencies and sustainable growth.
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