Jinyeong, 31 Billion KRW in Sales Last Year... "Performance Growth This Year Through New Business"

Jinyoung announced on the 14th through a disclosure of changes exceeding 30% in sales or profit structure that it recorded sales of 31 billion KRW last year. This was due to a decrease in overseas sales amid the construction industry downturn last year.

Along with the worsening construction market and increased costs related to new businesses, the company executed a big bath, resulting in operating losses and net losses of 2.3 billion KRW and 1.8 billion KRW respectively, turning to a deficit. Although investment costs increased due to the development of high value-added industrial films such as semiconductors and secondary batteries, related achievements are expected this year. Since the profit fundamentals were already strengthened through the big bath, the performance outlook for this year is positive. Contributions to performance improvement from the pyrolysis oil new business, which was actively promoted since the end of last year, are also anticipated.

Jinyoung is expanding its portfolio into the industrial film market through the development of semiconductor and secondary battery materials, as well as lightweight materials for vehicles. The products closest to commercialization are the semiconductor antistatic film and flame-retardant film applicable to secondary batteries.

In November last year, the company entered the new business sector by acquiring shares in Korea Eco Energy, a pyrolysis oil production company from waste plastics. Korea Eco Energy signed a contract last month to supply all pyrolysis oil produced at the Yeongcheon plant to the domestic leading oil company ‘Hsa’. Korea Eco Energy plans to maximize sales related to pyrolysis oil by continuing cooperation with Hsa and pursuing additional business collaborations.

A Jinyoung official stated, “Starting this year, the performance of our subsidiary Korea Eco Energy will be realized, and the supply of industrial films such as semiconductors will begin, so the performance improvement effect from last year’s big bath will be maximized this year,” adding, “Efforts to diversify the business portfolio to reduce dependence on the construction market through new businesses and new growth engines are expected to be reflected in the performance.”

He continued, “In major overseas markets such as China, which has recently entered a rebound trend, we plan to expand sales by lowering the unit price of our main product, ASA material,” emphasizing, “Along with this, we will newly enter the T?rkiye and Thailand markets, improving core business performance compared to last year.”