Cowintech Achieves Record First Half Sales... Boosted by 2nd Battery Smart Equipment and Expansion into Cathode Materials
[Asia Economy Reporter Hyungsoo Park] Cowintech, a leading company in secondary battery automation systems, reported improved performance in the first half of this year. Orders continued to increase following the growth of the secondary battery market.
Cowintech announced on the 12th that it recorded consolidated sales of 51.8 billion KRW and operating profit of 3.3 billion KRW in the first half of this year. These figures represent increases of 154.1% and 333.2%, respectively, compared to the same period last year. Net profit reached 3.7 billion KRW, up 42.1%. Sales also increased by 24.3% compared to the first half of 2019, before the impact of COVID-19, achieving the highest first-half performance in the company's history.
As the secondary battery market grows, Cowintech's supply of smart unmanned automation equipment for secondary batteries, developed last year, has increased. Sales rose as the scale of domestic and international secondary battery orders expanded.
In March, Cowintech expanded its materials business by acquiring shares in Top Material, a secondary battery cathode material company. To fully launch the materials business, the company is also considering investments in mass production lines for cathode materials and electrodes.
A Cowintech representative stated, “Despite the prolonged COVID-19 situation, we were able to recover sales performance to pre-COVID-19 levels by actively signing orders with domestic and international companies. We expect sales and profitability to further expand once the materials business is fully underway.”
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He added, “Following last year, this year we are expanding our market share through various sales activities with leading overseas companies, including U.S. automakers, as well as companies in Europe and Southeast Asia.” Furthermore, he emphasized, “We will become a global total solution company for secondary batteries through technological development to advance secondary battery automation systems and continuous order acquisition.”
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