Isu Chemical Reports Separate Operating Profit of 45 Billion KRW Last Year, Up 148% Year-on-Year

[Asia Economy Reporter Yoo Hyun-seok] Isu Chemical announced on the 12th that its separate basis sales last year decreased by 22% compared to the previous year to 943.5 billion KRW, while operating profit increased by 148% to 45 billion KRW. The company cited the continued tight supply and demand situation in the detergent raw material market, its main product, leading to improved profitability, and increased sales of IPA, a raw material for hand sanitizers, as the reasons for the improved performance in the chemical business sector last year.

On a consolidated basis, sales amounted to 1.3 trillion KRW, and operating loss was approximately 32.7 billion KRW, both decreasing compared to the previous year. Isu Chemical attributed the decline in sales to the drop in raw material prices and selling prices caused by the fall in oil prices due to COVID-19. Regarding net income, the company explained that the recognition of impairment losses on subsidiary assets increased the net loss compared to operating profit.

Isu Chemical expects high growth this year. Last year, it pursued business diversification in response to rapidly changing external environments, including ▲ supplying raw materials for cold chain transportation of COVID-19 vaccines ▲ participating in a national project for developing solid-state battery raw materials ▲ being selected as a consignment company for smart farms in Uiseong-gun. Additionally, the company is focusing on expanding applications by diversifying specifications of existing products such as ‘NP’ and ‘LAB’.

An Isu Chemical official stated, “This year, we will fully utilize all of Isu Chemical’s capabilities to continuously invest in next-generation promising industries such as eco-friendly sectors and achieve solid growth,” adding, “The recent outlook for gradual recovery of the global economy is also positive.”

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