JNTC Achieves Operating Profit of 23.3 Billion KRW Turnaround... "Quantum Jump This Year"

JNTC, a leading company in 3D cover glass, announced on the 14th that it achieved a cumulative consolidated sales of 210.6 billion KRW in the third quarter of this year, marking a 74% increase compared to the same period last year.

With the results up to the third quarter alone, the company achieved record-breaking quarterly sales that exceeded the full-year sales of 2021 and 2022.

Cumulative operating profit and net profit also reached 23.3 billion KRW and 21.1 billion KRW respectively, demonstrating not only quantitative growth but also significant qualitative improvement. This was driven by remarkable growth in sales, operating profit, and net profit in the third quarter. Third-quarter sales and operating profit recorded 97.8 billion KRW and 17.0 billion KRW, up 76% and 319% respectively compared to the second quarter. Net profit also surged from 100 million KRW in the second quarter to 18.1 billion KRW in the third quarter, boosted by improvements in the company’s operating profit and JV performance.

The strong performance is attributed to ▲ the full-scale operation of the Vietnam subsidiary leading to product and customer diversification across all product lines ▲ an increase in new product volume company-wide and cost improvements. In particular, the diversification of customers and products at the Vietnam subsidiary is driving performance improvements, with continuous growth expected in global customers including those in the Greater China region, as well as additional orders for new automotive products. From the fourth quarter of this year, this accelerating growth trend is expected to expand further.

On a separate basis, third-quarter results also showed significant growth with sales of 105.4 billion KRW, operating profit of 41.9 billion KRW, and net profit of 50.4 billion KRW compared to the same period last year, proving explosive growth both on a consolidated and separate basis.

This qualitative growth was directly linked to a sharp increase in royalty income from the Vietnam subsidiary’s full-scale sales growth and profit improvement through company-wide cost reduction activities.

JNTC CEO Jang Yongseong said, “Earlier this year, we announced our mid-to-long-term growth strategy focused on new product diversification and customer diversification, as well as our ambition for the 2023 Quantum Jump year. I am very pleased to announce record-breaking management performance in the third quarter, achieved through the united efforts of all employees.” He added, “Like whipping a running horse, we will not be satisfied with this achievement. We will continue to focus on maximizing shareholder value through continuous acceleration of growth by diversifying ultra-premium domestic and international customers and expanding market share across all products.”