Samkwang Glass, Operating Profit in First Half of Year Up 1811% YoY

[Asia Economy Reporter Moon Hyewon] Samkwang Glass recorded a profit in the first half of this year.

On the 13th, Samkwang Glass announced that it achieved cumulative sales of 144.7 billion KRW, operating profit of 4.3 billion KRW, and net profit of 12.8 billion KRW based on consolidated financial statements for the first half of this year. Operating profit improved significantly, increasing by 1811% (4.1 billion KRW) compared to the same period last year, and net profit increased by 163% (7.9 billion KRW).

A representative of Samkwang Glass explained, "The results were largely due to the diversification of business strategies across both B2B and B2C sectors," adding, "In particular, focusing on online channels since the first half of last year to diversify business strategies led to online sales growing more than twice compared to the previous year."

Especially, the hygienic and practical Glasslock home sets, made with various compositions of domestically produced glass materials, gained popularity, resulting in home shopping sales increasing by more than 300% compared to the first half of last year.

In the Glasslock overseas business division, promotion activation policies centered on the European region and rising demand for online home shopping secured new clients, leading to a 50% increase in sales in the European region.

According to Samkwang Glass, in the household goods business division, although offline sales decreased somewhat due to changes in the business environment caused by the spread of COVID-19, online channel sales growth was remarkable due to the spread of home-cooked meal culture at home from social distancing and increased interest in hygiene.

The bottle glass business division has steadily maintained performance despite the economic downturn caused by COVID-19, thanks to the expansion of new domestic clients and increased exports to the North American region.