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Sales in Q1 totaled $201 million, while gross profit margin was 15.4%.
May 12, 2023
By: DAVID SAVASTANO
Editor, Ink World Magazine
SONGWON Industrial Group released its audited financial results for the 1st quarter of 2023. The group reported a decline in revenue of 21.1% in Q1/2023 to 267,167 million KRW ($201 million) compared to sales generated in Q1/2022. SONGWON’s gross profit margin in the first three months of 2023 was 15.4%, a decrease of 11 percentage points when compared to the same period of the previous year (26.4%). Net profit in Q1/2023 was 10,626 million KRW ($8 million), lower than in Q1/2022 at 43,427 million KRW ($32.7 million). After delivering good financial results for FY 2022, SONGWON started 2023 slowly recording lower earnings due to the anticipated further decline in demand. Throughout Q1/2023, both Division Industrial Chemicals and Division Performance Chemicals continued to be affected by the ongoing geopolitical tensions, deteriorating economic conditions and inflationary pressures compounded by customers’ destocking activities. Division Industrial Chemicals reported sales of 195,947 million KRW ($148 million) in the first three months of the year, marking a decrease of 21.3% compared to Q1/2022. Similarly, Division Performance Chemicals saw a 20.5% drop in revenues compared to Q1/2022 to 89,568 million KRW ($67.4 million). For SONGWON’s Coatings business, first quarter revenues were negatively impacted by weak demand and price erosion due to the increasing levels of supply availability in the marketplace. With the current highly volatile and complex macroeconomic environment expected to persist, 2023 is set to be a challenging year. In view of this, SONGWON refrains from making any predictions related to market development but will be monitoring developments closely going forward. The group intends to continue executing its ongoing strategy and implementing appropriate measures to ensure its operations and businesses can adapt to the evolving market realities. Looking ahead, SONGWON is confident that it can navigate the current challenges and is well-positioned to continue successfully meeting customers’ needs and ensuring long-term sustainable growth.
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