Polaris Uno Q2 Operating Profit Margin 12.86%... "Record High Performance in Synthetic Fiber Division"

[Asia Economy Reporter Hyunseok Yoo] Polaris Uno, a synthetic fiber specialist company (formerly Uno & Company), recorded strong performance in the second quarter. Last year's COVID-19 base effect and strong sales of core products drove the growth in performance.

Polaris Uno announced on the 13th that it recorded sales of 14 billion KRW and operating profit of 1.8 billion KRW in the second quarter. This represents a 40% and 58% increase respectively compared to the same period last year, with an operating profit margin of 12.86%. For the half-year cumulative results, sales reached 31.3 billion KRW and operating profit 4 billion KRW.

The company stated, "Our core product, braided yarn, showed strong sales mainly in the US and Africa due to economic normalization and the COVID-19 base effect. Along with this, sales volume of all product categories increased, achieving the highest-ever sales in the synthetic yarn division."

Polaris Uno is a synthetic fiber specialist company established in 1999. It develops and produces yarns for wigs and fashion accessories using materials such as PVC (polyvinyl chloride), high-heat yarn, and specialty yarns.

Polaris Uno's strategic production base, the South African manufacturing plant, has been operating since 2013. Through this, the company has been able to respond quickly and proactively to the African region, which accounts for more than 60% of the global wig synthetic fiber market.

The outlook for future performance is also positive. As social activities normalize after the COVID-19 shock, demand for wigs, considered essential products for Black consumers, is increasing, and the market response to Polaris Uno's self-developed high value-added new products is positive.

A Polaris Uno official said, "Along with the growth of the wig market, we will rapidly increase market share in Africa, the US, and European markets. We will also focus on developing additional new products and securing various applications for synthetic fibers to continue the growth trend in performance."