KPS Subsidiary Segiritec Reports Operating Profit of 5.8 Billion KRW Last Year, Up 37% YoY

Seagiritech, a specialized company in recycling used batteries, recorded sales of 86.5 billion KRW and an operating profit of 5.8 billion KRW last year. Seagiritech is a 100% subsidiary of KPS, a company listed on the KOSDAQ.

According to KPS on the 28th, Seagiritech's sales and operating profit this year were 86.5 billion KRW and 5.8 billion KRW respectively, with a net profit of 4.275 billion KRW. The operating profit increased by 37% compared to 4.2 billion KRW in the previous year.

KPS previously participated in a public bidding competition conducted by UAMCO Rebound First Private Equity Fund (hereafter UAMCO) and secured 100% of Seagiritech's shares and management rights.

Seagiritech was established in 2010 with the main business purpose of non-ferrous metal smelting. It recycles used batteries and waste lead to produce battery raw materials (ingots), essential for the automotive industry, and supplies them to well-known battery manufacturers domestically and internationally.

Kim Hayong, General CEO of KPS, said, "Seagiritech is currently recycling lead-acid used batteries, but will enter the lithium battery business soon. During this period, the primary goal is to achieve minimum sales of 150 billion KRW and an operating profit exceeding 10 billion KRW."