[Market Focus] Woongjin Shares Surge on Acquisition of Freed Life Funeral Service

As of 9:30 a.m. on August 18, shares of Woongjin, the holding company of Woongjin Group, were trading at 3,750 won on the Korea Exchange, up 16.64% from the previous session's closing price. This appears to be due to improved performance reported in the semi-annual business report disclosed on August 14.

On August 14, Woongjin announced its consolidated financial results for the first half of the year, posting sales of 512.5 billion won, operating profit of 16.7 billion won, and net profit of 83 billion won. Compared to the first half of last year, when sales were 503.9 billion won, operating profit was 13.9 billion won, and there was a net loss of 2.4 billion won, both operating profit and net profit increased significantly.

The acquisition of Woongjin Freed Life, a funeral service company incorporated as a subsidiary in June, had a major impact. Woongjin Freed Life accounted for 21% of Woongjin's sales for the half-year period and generated 49.5 billion won in operating profit, representing 63% of the total. In contrast, Woongjin Thinkbig, previously the group's core business, recorded an operating loss of 7.6 billion won.

Meanwhile, on August 18, Woongjin Freed Life announced the official inauguration of its new CEO, Moon Hosang. Moon, the new CEO, is recognized for his extensive on-site experience and expertise in marketing and branding, having previously served as Head of Sales and Head of the Funeral Business Division at Woongjin Freed Life.