[Asia Economy Reporter Jang Hyowon] Woojin succeeded in turning a profit by achieving double-digit operating profit despite the challenging business environment caused by the spread of COVID-19 last year.
On the 26th, Woojin announced that it recorded an operating profit of 1.2 billion KRW on a consolidated basis last year, turning to a profit compared to the same period of the previous year. Sales increased by 1.01% year-on-year to 89.8 billion KRW, and net income reached 33.9 billion KRW, also turning to a profit.
On a separate basis, operating profit also turned positive at 1.2 billion KRW. Sales rose 16.12% to 39.6 billion KRW, and net income turned positive at 30.9 billion KRW.
A company official explained, "The turnaround to profit last year was the result of cost and expense reductions and structural improvements through subsidiary restructuring," adding, "Regarding net income, non-operating income significantly increased due to the rise in the value of shares held in Sambutoken."
This year, performance is expected to improve further as the results of the sensor business division, acquired by Woojin in December last year, are reflected. The sensor business mainly deals with thermocouple (T/C) temperature sensors used in semiconductor processes. It is currently supplied to leading domestic semiconductor companies.
A Woojin official said, "Despite the double hardship of the government's ongoing nuclear phase-out policy and COVID-19, we have led profitability improvements in subsidiaries," and added, "We believe a structure capable of continuously generating profits has been established, and with the added performance of the sensor business division, results are expected to increase."
Meanwhile, at the board meeting held on the 26th, Woojin decided to pay a dividend of 100 KRW per share. The dividend yield is approximately 2.4% based on the market price.
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