OCI, Operating Profit of 626.1 Billion KRW Last Year, Returned to Profit... Largest in 10 Years

"Profitability Improvement Thanks to Polysilicon Price Increase"

[Asia Economy Reporter Moon Chaeseok] OCI announced that its consolidated operating profit last year reached 626.1 billion KRW, marking a turnaround from the previous year's operating loss of 86.1 billion KRW. Last year's operating profit is the highest in 10 years since 2011 (1.114 trillion KRW). Sales increased by 62% year-on-year to 3.2438 trillion KRW. Net profit also returned to the black at 646.6 billion KRW.

OCI stated, "Despite the limited operating environment and market conditions caused by COVID-19, we improved profitability through rising market prices of key products such as polysilicon and efficient production operations."

Fourth-quarter sales rose 80% year-on-year to 1.014 trillion KRW, and operating profit increased 562% to 218.2 billion KRW. The price of polysilicon, a core material for solar cells, steadily increased, and performance in the petrochemical and carbon materials sectors also improved. As a result, OCI expanded sales and operating profit for six consecutive months since the third quarter of 2020. The selling price of polysilicon for solar use in the fourth quarter rose 12% compared to the previous quarter.

OCI expects polysilicon demand to remain strong this year as well. OCI said, "In line with the capacity expansion of polysilicon and wafer manufacturers, we are also considering increasing polysilicon production."

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