Andyforce Reports 14.8 Billion KRW Net Profit Last Year

[Asia Economy Reporter Hyungsoo Park] Andyforce, a manufacturer of waterproof tape for mobile devices, automotive and architectural window films, achieved favorable performance last year.

Andyforce announced on the 11th that its separate basis sales last year amounted to 60.7 billion KRW, a 2.8% decrease compared to the previous year. Net profit recorded 14.9 billion KRW, an increase of 19.5% from the previous year.

An official stated, "The net profit increased thanks to the exit (capital recovery) of investment assets," adding, "The evaluation gains on held securities caused a sharp rise in financial product evaluation profits, leading to the increase in net profit."

Sales slightly decreased due to the impact of COVID-19. The official explained, "Sales declined due to semiconductor supply issues faced by mobile manufacturers."

Last year, smartphone manufacturers such as Apple and Samsung Electronics, as well as Chinese manufacturers like Xiaomi, experienced supply disruptions due to semiconductor shortages.

Andyforce plans to focus on achieving favorable performance this year as well. In the first half of this year, with new product launches by smartphone manufacturers ahead, demand for waterproof tape for mobile devices is expected to increase. The possibility of market expansion has also grown as it is applied to various devices.

The premium high-end automotive film brand ‘Zivent’, launched in 2020, along with window films, is also contributing to performance improvement.

Andyforce considers its stock price to be excessively undervalued compared to corporate value and will continue shareholder-friendly policies. An Andyforce official said, "Along with business expansion through securing competitiveness, we will continue responsible management to protect shareholder value for minority shareholders."

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