SY, Q1 Sales 116.6 Billion KRW... 61% Increase YoY

[Asia Economy Reporter Jang Hyowon] Comprehensive building materials company SWY announced on the 16th that its consolidated sales for the first quarter of this year reached 116.6 billion KRW, an increase of about 61% compared to the same period last year.

This figure represents an increase of approximately 44.4 billion KRW from the 72.21 billion KRW sales recorded in the first quarter of last year. The growth rate was 61%.

Operating profit for the same period was 2.41 billion KRW, maintaining a level similar to that of the previous year.

The company explained that the implementation of the revised Building Act, which focuses on strengthening fire safety, has significantly shifted the existing demand for organic insulation sandwich panels to high-performance non-combustible sandwich panels, contributing to the increase in sales and operating profit.

The production volume of glass wool sandwich panels, a representative non-combustible material, increased by about 40% in the first quarter compared to the same period last year.

SWY is acquiring and preparing certifications required for supplying materials to multi-use facilities, factories, and large buildings, such as non-combustibility certificates and fire-resistant structure approvals, in anticipation of increased demand for high-performance non-combustible sandwich panels. In March, the company became the first in the industry to simultaneously obtain fire-resistant structure approval and quasi-non-combustibility certification for mineral wool sandwich panels.

Additionally, the company supplies color steel plates used in sandwich panel production internally, and by improving productivity and reducing cost ratios, it has stabilized this supply, which the company also cites as another factor contributing to increased sales and operating profit.

SWY operates a total of five color steel plate production lines (CCL): two in Korea, two in Vietnam, and one in Cambodia. The total annual production capacity of these lines reaches up to 400,000 tons.

A company official stated, “Although the first quarter is traditionally an off-season for the construction industry due to seasonal factors, making it difficult to generate profits, we achieved positive operating profit. We expect steady growth to continue in the second, third, and fourth quarters based on this momentum.”

He added, “We will accelerate the upward momentum not only through continuous technological development but also by pioneering new markets such as rooftop solar power.”