Solus Advanced Materials reports operating profit of 30.4 billion KRW last year... 10 KRW cash dividend per share

[Asia Economy Reporter Suyeon Woo] Solus Advanced Materials announced on the 8th that it recorded consolidated sales of 290.2 billion KRW and operating profit of 30.4 billion KRW last year. These figures represent increases of 314% and 198%, respectively, compared to the previous year.

Since Doosan Solus, the predecessor of Solus Advanced Materials, was established on October 1, 2019, as a spin-off, the performance comparison with the previous year is based on the period from October 1, 2019, to December 31, 2019.

Solus Advanced Materials explained that the solid growth last year was driven by a well-established growth foundation across its battery foil division (battery foil and copper foil) and advanced materials division (electronic materials and bio).

Solus Advanced Materials entered external growth with the completion of its first plant in Hungary in 2019 and the start of mass production of battery foil for secondary batteries. Steady strong sales of high value-added products such as high-end copper foil for 5G, aETL (an OLED Blue functional material), and ceramide served as the driving force for internal growth. However, a net loss of 11.5 billion KRW was recorded due to foreign exchange translation losses and increased one-time corporate tax expenses related to restructuring of the governance structure.

Solus Advanced Materials set its sales target for this year at 396 billion KRW, a 36% increase from last year. A representative of Solus Advanced Materials stated, "With the sale process completed this year, all business divisions will enter a stable growth trajectory based on their high-growth, high-profit portfolios and customer diversification. We expect full-scale sales of battery foil from the Hungary plant, recovery of copper foil demand due to revitalization of 5G investments, establishment of an electronic materials subsidiary in China, and expansion of ceramide material and finished product businesses."

Meanwhile, Solus Advanced Materials decided at the board meeting held this afternoon to return profits to shareholders by declaring a cash dividend of 10 KRW per common share and 11 KRW per preferred share.

This content was produced with the assistance of AI translation services.