Shinsung ENG announced on the 6th that it recorded sales of 583.5 billion KRW and an operating profit of 5.4 billion KRW based on consolidated financial statements last year.
A company representative explained, "Although sales increased compared to the previous year, operating profit decreased due to increased export logistics costs related to overseas projects such as in the U.S. and delays in schedules for some domestic projects."
By business division, the Clean Environment (CE) division achieved sales of 271.3 billion KRW. Orders from major domestic semiconductor companies such as Samsung Electronics and SK Hynix drove the overall performance. Steady results were also maintained in the display and secondary battery industries.
The overseas business division recorded sales of 262.1 billion KRW. By securing large-scale battery projects in the North American market, the U.S. accounted for about 30% of total overseas sales. Stable orders were secured at key bases such as Indonesia and Europe. Last year, it accounted for more than 50% of the company's total profit, establishing itself as a core growth engine.
The Renewable Energy (RE) division recorded sales of 50.6 billion KRW and an operating loss of 1.4 billion KRW. Although it secured solar EPC project orders and module supply contracts targeting local governments and companies, profitability deteriorated due to rising raw material prices and project delays.
Shinsung ENG has specified growth strategies by business division for this year. The CE division plans to promote technological innovation in preparation for the recovery of the semiconductor and display industries. Recently, it enhanced the technology of existing products such as ICF equipped with harmful substance removal filters and EDM combining dehumidification and air conditioning functions. The company intends to focus on discovering new growth engines by expanding its business areas into new fields such as data centers and bio cleanrooms.
The global business division will focus on expanding orders in key markets such as the U.S. and Indonesia while strengthening local partnerships. The RE division will accelerate efforts to enhance competitiveness in the EPC business based on the fact that EPC-related sales rose to about 50% for the first time last year.
A Shinsung ENG representative said, "We expect market uncertainties to continue this year as well," but added, "We will focus on improving profitability by maintaining the momentum of turning a profit in the fourth quarter of last year."
He added, "We will accelerate entry into new markets such as data centers and bio cleanrooms and strengthen cost competitiveness to establish a sustainable growth foundation."
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