SONGWON Industrial Group released its financial results for the third quarter of 2021. During Q3/2021, the Group achieved consolidated sales of 260,137 million KRW ($200 million), 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 ($17.8 million) for the third quarter, which was more than double the result achieved in Q3/2020 (8,746 million KRW).

Year-to-date (YTD), the group realized consolidated sales of 714,715 million KRW ($604 million), representing an 18.3% rise over YTD September 2020 (603,925 million KRW), and recorded a net profit of 45,109 million KRW ($38 million), delivering a 77.9% increase over the same reporting period in the previous year (YTD September 2020: 25,350 million KRW).

In view of the continuing positive momentum seen in Q2/2021 and Q3/2021, SONGWON looks optimistically towards the last three months of the year and anticipates stable order volumes until the end of 2021. Nevertheless, SONGWON will remain vigilant and well-prepared to respond quickly as it expects both supply and logistics challenges to be ongoing.

The group sees the market continuing to be concerned about the availability and costs of raw materials and expects pricing to remain volatile. SONGWON will respond by implementing the necessary measures to avoid any negative impacts to supply as well as increasing its capacities to ensure that it can meet the upsurge in demand. In addition to this, SONGWON intends to progress with optimizing its organizational efficiency to overcome the current market headwinds and focusing on the Group’s long-term strategic priorities.