[Asia Economy Reporter Oh Hyung-gil] SK Chemicals announced on the 9th that its operating profit last year increased by 30.7% compared to the previous year, reaching 107.5 billion KRW. Sales rose by 14.9% to achieve 1.256 trillion KRW.
Although sales of green materials declined due to the COVID-19 related lockdown measures in China and the global economic downturn, the company explained that it recorded strong performance by expanding its portfolio of high value-added copolyester products.
The copolyester business posted sales of 185.6 billion KRW in the fourth quarter, similar to the same period last year, but operating profit increased by 22% year-on-year to 25.8 billion KRW. Profitability was enhanced through a high value-added portfolio strategy including high-transparency and heat-resistant plastics such as Ecozen.
The Life Science division’s pharmaceutical business recorded sales of 79.9 billion KRW and operating profit of 6.5 billion KRW in the fourth quarter. While sales increased by 2% compared to the same period last year, operating profit decreased by 52% year-on-year due to increased selling and administrative expenses and price reductions on some products.
Song Gi-seok, Head of Value Innovation at SK Chemicals, said, "This year, we are refining our execution strategies to achieve meaningful progress in securing technologies and raw material production for realizing a plastic circular economy," adding, "We will consider various means and methods to enhance corporate value."
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