[Asia Economy Reporter Jang Hyowon] Fastener specialist company Global SM achieved its highest quarterly performance since its listing, driven by strong results from all its overseas subsidiaries.
On the 20th, Global SM announced that its consolidated operating profit for the first quarter of this year increased by 274% year-on-year to 2.7 billion KRW (15.68 million CNY). Net profit for the same period rose 205% year-on-year to 1.5 billion KRW (8.53 million CNY), while sales increased by 22% to 29.3 billion KRW (170.35 million CNY).
Sales and operating profits simultaneously increased across all overseas subsidiaries, including those in Spain, Vietnam, Malaysia, and China. Since the fourth quarter of last year, sales have newly emerged from fasteners for electric vehicle batteries, and fastener supply has been growing in various sectors such as electronics, automobiles, and bicycles.
A Global SM representative said, “Since the second half of last year, all subsidiaries have shown balanced growth, resulting in the highest quarterly performance in the first quarter of this year. Although there was some impact from COVID-19 in the first quarter of last year, all production plants have already normalized, and rather, through product diversification, our customer base has expanded beyond pre-COVID-19 levels.”
Global SM supplies fasteners for electric vehicle batteries to major domestic secondary battery companies based on its high-strength fastener production technology specialized for EV batteries. Last year, it began supplying approximately 1.2 million USD (about 1.3 billion KRW) worth from its Tianjin, China subsidiary. This year, it plans to expand parts supply to the European electric vehicle market through its production subsidiaries in Spain and Romania.
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