Polaris Sewon recorded record-breaking performance in the second quarter due to improved results in automotive air conditioning parts.
Polaris Sewon announced on the 16th that its separate basis sales and operating profit for the second quarter of this year increased by 27% and 205% respectively compared to the same period last year, reaching 21.6 billion KRW and 1.9 billion KRW. During the same period, net profit turned positive compared to the previous year, recording 2.2 billion KRW.
On a consolidated basis, sales and operating profit increased by 54.9% and 68.54% respectively compared to the same period last year, totaling 53.5 billion KRW and 2.3 billion KRW, due to the consolidation effect of Polaris AI.
With the increase in sales volume of internal combustion engine vehicles by major customers and the growing importance of thermal management systems, the proportion of high value-added products related to electric vehicle battery thermal management and evaporators (EVAP) for interior air conditioning has increased. The strategy is to continue the growth trend by diversifying the portfolio and expanding the proportion of high value-added core products in the future.
Polaris Sewon plans to further expand its third factory to respond to the continuously increasing product demand. On the 13th, the company held a board meeting and resolved to expand the third factory in Hyangnam-eup, Hwaseong-si, Gyeonggi-do. The site covers 2,977 square meters (approximately 900 pyeong) with a total floor area of 1,804 square meters (about 546 pyeong).
The company stated, “Our strength lies in the ability to respond to parts for various vehicle types, not only internal combustion engine vehicles but also electric vehicles,” adding, “We decided to purchase the site for the third factory to proactively respond to the increasing demand for air conditioning parts from our customers and to expand the evaporator production line.”
They continued, “Over the past two years, improvements in cash flow and quality have brought about financial improvements,” and said, “We expect continued performance growth through diversification of sales channels, factory expansion, and increased profitability.”
Polaris Sewon supplies parts to global automakers and electric vehicle specialists such as Hyundai Motor, Kia, Tesla, GM, Ford, Rivian, and Lucid through its customers. Based on stable performance and asset soundness, it is building its business portfolio by consolidating Polaris Uno and Polaris AI as affiliated companies.
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