Solus Advanced Materials, 2Q Sales of 92.2 Billion KRW... Consecutive Record-Breaking Performance for Second Quarter

[Asia Economy Reporter Suyeon Woo] Solus Advanced Materials has achieved record-high sales in the second quarter of this year, driven by the strong performance of its battery copper foil business division. With this, Solus Advanced Materials has set new records for two consecutive quarters following the first quarter and successfully turned its net profit positive compared to the previous quarter.

On the 3rd, Solus Advanced Materials announced that its consolidated sales for the second quarter of this year were preliminarily estimated at 92.2 billion KRW, a 23% increase compared to the same period last year. Operating profit reached 2.1 billion KRW, marking a remarkable 425% increase from the previous quarter. However, compared to the same period last year when there were no operating expenses for the Hungarian battery copper foil plant, it decreased by 82%.

The battery copper foil business division (Battery Copper Foil Business and Copper Foil Business Headquarters) recorded its highest quarterly sales ever at 58.3 billion KRW in the second quarter. The battery copper foil business headquarters, which has started to see sales growth, is the main contributor to the strong performance. The continuous growth of the copper foil business headquarters, which holds a high-end copper foil portfolio for 5G, semiconductors, and aerospace applications, also supported the results.

The advanced materials business division (Electronic Materials and Bio Business Headquarters) achieved its highest second-quarter sales ever at 33.9 billion KRW despite the seasonal off-season. The electronic materials business headquarters led the performance boost by entering LG Display’s TV supply chain and increasing demand for mobile OLED. Strong sales of ceramide materials from the bio business headquarters also contributed significantly to sales.

A Solus Advanced Materials official explained, "The improvement in second-quarter performance led to a positive turnaround in net profit compared to the previous quarter," adding, "The main factors were the alleviation of fixed cost burdens due to increased battery copper foil sales and the expansion of operating profits in other businesses."

Solus Advanced Materials expects the steady sales growth across its four business headquarters to continue into the third quarter. The company anticipates an increase in battery copper foil sales from its Hungarian Plant 1, rising demand for high-margin copper foil driven by rapid growth in 5G technology-based equipment and semiconductor markets, diversification of electronic materials items and customers, and expansion of overseas sales of cosmetics and active pharmaceutical ingredient materials.

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