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SONGWON Industrial Group Announces 1Q Financial Results

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By: KERRY PIANOFORTE

Editor, Coatings World, Coatings World

SONGWON Industrial Group released its audited financial results for the 1st quarter of the year, ended March 31st, 2021. 

 

Following the surge in demand observed at the end of 2020, especially from customers in Asia, SONGWON entered the new fiscal year positively with demand continuing to rise across its markets. 

 

During Q1, the Group achieved consolidated sales of 222,487 Million KRW. When compared to sales in Q1/2020 (210,543 Million KRW), this marked a 5.7% increase in revenue. 

 

In addition, SONGWON’s gross profit margin reached 21.6% (Q1/2020:19.7%) in Q1/2021 and a decrease in net profit (Q1/2021: 9,164 Million KRW) of 18% was recorded over Q1/2020 (11,182 Million KRW) due to the anticipated losses recognized in March 2021 related to the sale of 72% interest in Qingdao Long Fortune Songwon Chemical Co., Ltd. with effective date as of April 30, 2021.

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