Sewon Reports Record High Net Profit of 9.9 Billion Won Last Year... "Electric Vehicle Growth Continues"

[Asia Economy Reporter Hyunseok Yoo] Seowon, a specialized company in automotive air conditioning system components, recorded its highest-ever net profit last year.

Seowon announced on the 8th that its consolidated net profit for 2020 was preliminarily estimated at 9.9 billion KRW, a 198% increase compared to the previous year. During the same period, consolidated sales amounted to 72 billion KRW, and operating profit reached 4.6 billion KRW.

A Seowon official stated, "Sales for electric vehicles and hydrogen vehicles nearly doubled compared to the previous year, achieving strong performance despite the economic downturn caused by COVID-19."

He added, "Due to the rise in the stock price of IA, our second-largest shareholder, the valuation gains on IA preferred shares increased significantly, leading to a substantial rise in non-operating income. We expect the growth trend to continue this year with the expansion of orders and full-scale supply of parts for electric vehicles."

Seowon is expanding its supply of air conditioning components to major models of global electric vehicle companies such as Hyundai Kia Motors, Tesla, Lucid Motors, Rivian, GM, and Ford.