Organic Light Emitting Diode (OLED) material company EM&I announced on the 14th that its consolidated operating profit for the first half of this year reached 817 million KRW, an increase of 122.96% compared to the same period last year. During the same period, sales and net profit rose by 44.56% and 39.81% respectively, recording 16.21 billion KRW and 1.088 billion KRW.
In the second quarter, consolidated sales and operating profit were 8.462 billion KRW and 590 million KRW respectively, showing growth of 20.41% and 46.52% compared to the same period last year. Net profit increased by 10.31% to 1.071 billion KRW.
A company representative explained, “Strong sales of the AI smartphone ‘Galaxy S24’ and the Apple effect from products such as the iPhone 16 and the first OLED-applied ‘iPad Pro’ contributed to the excellent performance. Additionally, the completion of a nearly three-year restructuring, including the suspension of the plastic injection business of our Chinese subsidiary which had been hindering profitability improvement, also had a positive impact.”
They added, “While focusing on our core OLED business, we will also actively pursue new high-growth businesses. As a partner of a domestic battery company in India, we will accelerate battery supply to the southern region of India and strive to maintain our performance growth.”
Meanwhile, CEO Go Chang-hoon of EM&I has been steadily purchasing company shares, believing the stock price is undervalued. He has bought a total of 154,000 shares on the market this year and plans to increase his holdings further in the future.
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