Softcen Reports 4.4 Billion KRW Operating Profit in 2Q, Up 32% YoY

[Asia Economy Reporter Kwon Jae-hee] IT comprehensive solution company Softcen announced on the 16th that its operating profit for the second quarter of this year reached 4.4 billion KRW, a 31.9% increase compared to the same period last year. Compared to the previous quarter, it surged by 1599.2%.

Sales amounted to 15.2 billion KRW, a 16.1% decrease during the same period. Net profit was 5.7 billion KRW, increasing by 98.6% compared to the same period last year, successfully returning to profitability after one quarter.

A Softcen representative explained, "This is the result of establishing a mass production system for the first line of ultra-thin glass (UTG·Ultra Thin Glass) supplied to Jiangsu Suqian Technology Co., Ltd. in China last year," adding, "Although there were times when factory operations were difficult due to local lockdowns in China caused by COVID-19, we overcame these challenges well, and future additional orders look positive."

Meanwhile, Softcen is an IT comprehensive solution company that specializes not only in IT services but also in the production of UTG processing and manufacturing equipment as well as X-ray inspection devices. UTG is considered a core material for the display cover window of foldable IT products such as smartphones, tablets, and laptops.

According to global market research firm Canalys, the global foldable phone market size is expected to reach 14 million units this year and exceed 30 million units in 2024. Samsung Electronics currently leads the foldable phone market, and Chinese smartphone companies such as Huawei, Xiaomi, Vivo, and Oppo are also entering mass production, making foldable phones likely to become mainstream within the next one to two years.