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SONGWON Announces Q3 2023 Financial Results

Q3/2023 consolidated sales totaled $191 million, with net profit of $7.2 million.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

SONGWON Industrial Group released its financial results for the third quarter of 2023. During Q3/2023, the Group achieved consolidated sales of 247867 million KRW ($191 million), marking a decline in revenue over sales generated in the same quarter of the previous year (350,731 million KRW).

In the third quarter, SONGWON reported a gross profit margin of 14.7% (Q3/2022: 21.9% million KRW) and a drop in net profit to 9,372 million KRW ($7.2 million) when compared to the third quarter in 2022 (41,376 million KRW).

Year-to-date (YTD) September 2023, the group realized consolidated sales of 784,266 million KRW, ($605 million) (YTD September 2022:1,031,899 million KRW) and recorded a net profit of 31,954 million KRW ($24.7 million) (YTD September 2022: 123,473 Million KRW).

As anticipated, the global environment remained challenging in Q3/2023 and SONGWON’s Divisions continued to face the headwinds already seen in the previous quarters. Amid the adverse macro and microeconomic conditions, Division Industrial Chemicals and Division Performance Chemicals reported a drop in revenue and volumes.

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