Last Year Sales of 18.7595 Trillion KRW and Operating Profit of 965.5 Billion KRW
[Asia Economy Reporter Choi Dae-yeol] LX International announced on the 7th that its operating profit on a consolidated basis last year reached 965.5 billion KRW, a 47% increase compared to the previous year. Sales rose 12% to 18.7595 trillion KRW. This surpassed the record set in 2021, which was previously the best performance, in just one year.
The company explained that this was due to favorable resource market conditions and an increase in trading volume. The rise in logistics freight rates also contributed. Pre-tax profit was recorded at 1.1332 trillion KRW, up 54% during the same period. This is the first time the company has exceeded 1 trillion KRW. Net profit increased 44% to 779.3 billion KRW.
The company stated, "Improved external conditions such as exchange rates and efforts to maximize profits were key factors," adding, "During the market upswing, we carried out aggressive sales and marketing to achieve both top-line growth and profit increase."
The company has selected strategic minerals for secondary batteries such as nickel and renewable energy as future new businesses. For nickel, it is reviewing investments in multiple nickel mines in Indonesia to establish a business foundation through asset acquisition. In the renewable energy sector, it plans to expand asset investments focusing on biomass and hydropower to strengthen stable revenue sources.
While continuously seeking new businesses and investment targets, the company will also continue mergers and acquisitions (M&A). Biomass power plant Poseung Green Power, acquired last year, and Korea Glass Industry, completed this year, are expected to be developed as stable revenue sources to complement the profit and loss volatility of existing resource businesses.
The company said, "This year, we expect compounded difficulties due to worsening external conditions such as high inflation, sluggish exports and investments, and amplified concerns over a financial crisis," adding, "We will strengthen cash-centered management and proactively manage risks across all business areas."
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