SONGWON Industrial Group today released its Q2 and HY financial results for 2024. In the 2 quarter of 2024, SONGWON achieved consolidated sales of 273,521 Million KRW, reflecting a 1.6% increase over Q2/2023 (269,232 Million KRW). Year-to-date (YTD), the Group realized consolidated sales of 529,273 Million KRW, marking a slight decrease of 1.3% over YTD June 2023 (536,399 Million KRW). For YTD June 2024, the Group’s gross profit margin was 15.9%, maintaining the same level as the corresponding period in 2023.

As anticipated, Q2/2024 was a challenging quarter due to ongoing macroeconomic issues, geopolitical tensions, market price pressures and logistical disruptions. Division Industrial Chemicals reported a 4.0% increase in sales in Q2/2024, reaching 206,816 Million KRW, compared to 198,774 Million KRW in Q2/2023. Additionally, revenues for the first six months of 2024 rose by 1.2%, totaling 399,601 Million KRW, up from the same reporting period of the previous year (YTD June 2023: 394,721 Million KRW). In the 2^nd quarter of 2024, Division Performance Chemicals recorded consolidated sales of 66,705 Million KRW, a decline of 5.3% compared to 70,458 Million KRW in Q2/2023. YTD June 2024, the division reported an 8.5% decrease in revenue, totaling 129,672 Million KRW, compared to 141,678 Million KRW for the same period in 2023.

Source: utech-polyurethane