Daeyang Geumsok, Operating Profit Grows 5.1 Billion KRW by 286%... "Record Quarterly Performance"

[Asia Economy Reporter Jang Hyowon] Daeyang Metal (CEO Cho Sangjong), a specialized manufacturer of stainless steel cold-rolled steel sheets (STS CR), announced that it has achieved its highest quarterly performance.

Daeyang Metal disclosed on the 8th that its operating profit for the third quarter of this year reached 5.1 billion KRW, a 286% increase compared to the same period last year. This is the highest quarterly sales performance in the past five years. Sales and net profit were 57.3 billion KRW and 4.6 billion KRW, up 52% and 342% respectively from the same period last year. The operating profit for the third quarter exceeded the operating profit of 3.9 billion KRW recorded in the first half of this year.

The cumulative performance up to the third quarter is also excellent. Cumulative sales and operating profit were 141.8 billion KRW and 9 billion KRW, surpassing last year's annual sales and operating profit. This figure exceeds the company's annual operating profit target of 8 billion KRW in just three quarters. Net profit also recorded 8.3 billion KRW, a 616% increase compared to the same period last year. The performance trend for the fourth quarter is also expected to be positive, raising expectations for significant growth this year.

The company explained that it has been expanding sales and improving profitability through new product development and shifting its sales portfolio to high value-added products, which has translated into results. Daeyang Metal has been continuously launching new products such as dryers and heat exchangers in April, and dishwashers and automotive molding parts in June this year.

Daeyang Metal is expected to continue its growth trend through the southern business office, which is scheduled to relocate and expand in the second half of this year. The company plans to secure new volumes from LG Electronics' new product 'dishwasher' and customers in the Yeongnam region to expand sales and profitability.

A Daeyang Metal official said, "Sales began in earnest from the second quarter this year, leading to the achievement of the highest quarterly performance," and added, "The performance trend in the second half of this year is also positive, and annual sales and operating profit are expected to increase significantly, continuing the growth trend."

Meanwhile, Daeyang Metal, founded in 1973, is a specialized manufacturer of high-gloss stainless steel cold-rolled sheets dedicated solely to the stainless steel field. For the past 48 years, it has led the top ranks of the domestic market and exported over 100 million USD worth of various stainless steel products to 30 countries worldwide.