Dongyang Steel Pipe Achieves Profit Turnaround Targeting Middle East and North Africa Markets
[Asia Economy Reporter Kim Daeseop] Dongyang Steel Pipe announced on the 12th that its consolidated operating performance last year successfully turned to profit.
This turnaround to profit is the first in three years since the shift to a deficit in 2016. The company explained that this result was achieved through intensive restructuring and strengthening overseas sales capabilities, maintaining steady annual sales growth, and reducing the operating loss margin by focusing on profitability-oriented orders.
Last year, sales and operating profit were 163 billion KRW and 3.7 billion KRW, respectively. Net profit for the period recorded 1.7 billion KRW.
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A Dongyang Steel Pipe official stated, "The positive outcome of aggressive sales activities through concentrated marketing in the Middle East and North Africa regions is reflected in the improved sales performance," adding, "With the expectation of continuous sales growth through additional new product launches, we will do our best to maintain the current profit trend going forward."
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