Woorinet "OLED Material New Business Smooth Sailing... Securing Future Growth Engine"

[Asia Economy Reporter Yoo Hyun-seok] Woorinet, a company specializing in optical communication networks, announced on the 7th that its OLED material sales from new business initiatives have surpassed a cumulative 28.2 billion KRW as of the end of June since 2019.

Woorinet's OLED material supply business is an organic material business that accounts for more than 40% of the OLED material market. It has currently established a stable business model. Starting in earnest from the first quarter of 2019, it played a key role in renewing the company's record performance that year.

Currently, Woorinet is supplying OLED materials to Chinese display companies through major clients. According to the company, while sales slightly declined last year due to the impact of COVID-19, this year, sales in the first half have already recorded more than 60% of the 2020 OLED material sales, showing a recovery in performance. Continuous supply is expected in the second half as well, aiming to maintain sales growth this year.

Yoo Ju-hyeok, Woorinet’s Chief Financial Officer, said, “The OLED material business has entered its third year this year, and current sales have stabilized. Orders from Chinese display companies are steadily occurring, and we are currently in contact with global customers both domestically and internationally, so the future growth of the OLED material business will show an upward trend.”

Meanwhile, Woorinet is actively pursuing M&A activities and new businesses based on a newly established dedicated M&A team to diversify its business.