Polaris Sewon, Q3 Cumulative Operating Profit of 11.2 Billion Won... Exceeds Last Year's Sales

[Asia Economy Reporter Jang Hyowon] Polaris Seawon, a specialized automotive air conditioning parts company, announced on the 15th that it achieved an accumulated operating profit of 11.2 billion KRW for the third quarter of this year on a consolidated basis, turning to a profit compared to the same period last year. During the same period, accumulated sales amounted to 138.7 billion KRW, and net profit was 10.5 billion KRW. Both sales and profits reached record highs.

Despite the semiconductor supply shortage issue that persisted until the first half of the year, strong performance was achieved due to the stabilization of overseas logistics and increased orders for electric vehicles. As a result, consolidated cumulative sales for the third quarter have already significantly exceeded last year's sales of 97.5 billion KRW.

Consolidated operating profit for the third quarter was 4.4 billion KRW, an increase of 1438% compared to the same period last year. Sales during the same period were 46.4 billion KRW, up 62% year-on-year, and net profit recorded 3.3 billion KRW, an increase of 118%.

On a separate basis, third-quarter operating profit was 1.7 billion KRW, turning to a profit compared to the same period last year. Sales during the same period were 18.5 billion KRW, and net profit was 2.8 billion KRW, increasing by 29% and 910% respectively compared to the same period last year.

A Polaris Seawon official explained, “With the expansion of electric vehicle production by automakers in the North American region, the environment is particularly favorable for our company, which has a production plant in Mexico,” adding, “Despite semiconductor issues and rising raw material costs, we have established a stable operational structure through thorough internal risk management and cost reduction efforts.”

He continued, “Orders and deliveries are increasing mainly for electric vehicles, making continuous sales and profit realization possible,” and added, “Starting this year, we expect to continue growing together by establishing a more efficient management system with our subsidiary Polaris Uno.”

Polaris Seawon produces various automotive air conditioning system parts such as header condensers and evaporators. Through its customers, it supplies parts to global automakers and electric vehicle specialists including Hyundai Motor, Kia, Tesla, Lucid Motors, GM, Ford, and Rivian.