Kumho Petrochemical Group "Kumho Resort Forecasts 100 Billion KRW Sales This Year... Record High"

CEO Kim Seong-il "One Pillar of Group's Growth Engine"

Kumho Petrochemical Group announced on the 10th that Kumho Resort is expected to achieve its highest-ever business performance this year by surpassing 100 billion KRW in sales.

After being acquired by Kumho Petrochemical Group in April 2021, Kumho Resort successfully turned a profit with an operating profit of 500 million KRW in the same year, based on active investments.

Last year, it recorded sales of 97.7 billion KRW and an operating profit of 8.8 billion KRW. The cumulative sales and operating profit for the third quarter of this year are 85.3 billion KRW and 14.9 billion KRW respectively, showing an improved performance trend.

Kumho Resort posted losses for two consecutive years in 2019 and 2020 due to decreased tourism and leisure demand caused by COVID-19 and the parent company's stagnant investments at the time. Park Chan-gu, then CEO of Kumho Petrochemical, formed an acquisition task force to improve Kumho Resort's financial soundness, conducted diagnostics on all business divisions, and made optimized investments.

Panoramic views of Kumho Resort by business site. (Clockwise from top left) Tongyeong Marina Resort, Asiana CC Clubhouse, Hwasun Spa Resort, Asan Spa Foret, Jeju Resort, Seorak Resort
[Photo by Kumho Petrochemical Group]

Kumho Resort is gradually securing competitiveness in the resort and golf businesses. In the condo business sector, it completed the renovation of about 400 rooms since the acquisition in 2021 and plans to continue additional room renovations until 2026. Recently, Seorak Resort opened a park golf course within its premises.

Asiana Country Club (Asiana CC), a members-only golf club owned by Kumho Resort, is also continuing facility investments. All 120 five-seater carts, the main means of transportation on the golf course, were replaced with new models, the parking lot width was expanded, and the parking capacity increased to about 400 vehicles. An elevator was newly installed in the clubhouse, and powder rooms in the men's and women's locker rooms were renovated to enhance customer convenience.

Kim Sung-il, CEO of Kumho Resort, said, "We will smoothly promote the project to create a stay-type complex marine leisure tourism city in Tongyeong City and further activate the operation of Weihai Point CC (WP) to maintain stable growth." He added, "Kumho Resort will play a key role as one of the growth engines of Kumho Petrochemical Group."