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Q1 2024 consolidated sales totaled $187 million, with net profit of $4.9 million.
May 14, 2024
By: DAVID SAVASTANO
Editor, Ink World Magazine
SONGWON Industrial Group released its financial results for the first quarter of 2024. During Q1/2024, the group achieved consolidated sales of 255,752 million KRW ($187 million), decreasing 4.3% in revenue over sales generated in the same quarter of the previous year. In the first quarter, SONGWON reported a gross profit margin of 15.3% (Q1/20223: 15.4%) and net profit of 6,662 million KRW ($4.9 million). 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. 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.
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