GRT Surpasses 400 Billion Won in Half-Year Sales... Record-Breaking Performance

Operating Profit Increased by 85.9% on a Semiannual Basis

GRT, a corporation with a fiscal year ending in June, surpassed 400 billion KRW in cumulative half-year sales, setting a record high performance.

According to the Financial Supervisory Service's electronic disclosure on the 4th, GRT's operating profit for the half-year period (July to December 2023) increased by 85.9% year-on-year to 410 million yuan (approximately 75.2 billion KRW). During the same period, sales and net profit rose by 24.3% and 78.1%, respectively, reaching 2.26 billion yuan (approximately 410.3 billion KRW) and 320 million yuan (approximately 57.9 billion KRW).

Along with rapid top-line growth, profitability also expanded significantly. The gross profit margin, which was 17.1% in the previous half-year, increased by 9.2 percentage points to 26.3%. The operating profit margin also rose from 12.3% last year to 18.3%, up by 6.1 percentage points, and net profit margin expanded to double digits at 14.1%, increasing by 4.3 percentage points from 9.8% last year.

A company representative explained, “Based on technological innovation, the products of all business divisions have been largely renewed, and the expansion of the sales proportion of high value-added products contributed to the simultaneous growth of sales and profits.”

Annual performance this year is also expected to be strong. The sales proportions of GRT’s secondary battery materials and automotive-related materials are continuously expanding, which, coupled with the growth of the Chinese electric vehicle market, is expected to play an increasingly significant role in driving future performance. Currently, the sales proportion of secondary battery materials is 25.6%, and that of automotive-related materials is 21.5%. The MLCC dielectric film division, which accounts for 10% of sales, is also expected to see clearer business expansion trends in line with the localization trend of Chinese components.

A GRT representative stated, “Local companies in various industries such as electric vehicles, semiconductors, and solar power in China are accelerating their business expansion based on technological advancement. Under this trend, we will continue our rapid growth by securing market leadership through synchronized delivery capabilities aligned with our customers’ technological progress as a core competitive advantage.”