POSCO Inter, Q2 Operating Profit 320.6 Billion KRW... "Largest Performance Since Establishment"

[Asia Economy Reporter Yoo Hyun-seok] POSCO International achieved the highest quarterly sales and profits in its history for the second quarter, following the first quarter.

POSCO International announced on the 21st through a public disclosure that its second-quarter sales reached 11.0699 trillion KRW, a 29.9% increase compared to the same period last year. Operating profit increased by 88.6% to 320.6 billion KRW, and net profit rose by 86.8% to 235.9 billion KRW.

All aspects of sales, operating profit, and net profit set record highs. The operating profit surpassed the previous record of 216 billion KRW in the prior quarter and the market forecast of 230 billion KRW.

Strong performance was recorded across all sectors including trading, energy, and investment corporations. This was achieved through proactive risk management in response to rapid changes in raw material prices and creative sales activities.

In the trading sector, operating profit reached 113.6 billion KRW, approximately a 22% increase compared to the same period last year, driven by expanded sales of steel products and steel raw materials. Food material trading also contributed to the record performance thanks to increased soybean sales and rising synthetic rubber prices.

The energy business recorded an operating profit of 104 billion KRW, a roughly 219% increase year-on-year, as exploration and development investment plans proceeded as scheduled and the sales price of the Myanmar gas field rose.

On the investment corporation side, notable achievements were made by PT.BIA, an Indonesian palm oil business corporation, and Senex Energy, an Australian natural gas business corporation. The subsidiary POSCO Mobility Solutions also contributed to the improved performance. The overall investment corporation operating profit rose 131% year-on-year to 103.4 billion KRW.

Despite the strong performance, POSCO International shared a sense of crisis at a recently held growth strategy workshop and announced future growth strategies for sustainable management.

In the trading sector, the company plans to shift to a business model based on investment assets and group-linked businesses, and to develop new businesses linked to existing operations locally in Indonesia, Uzbekistan, and other regions by utilizing overseas investment corporations.

In the energy sector, exploration will be expanded to secure reserves, and eco-friendly businesses such as LNG, drive motor cores, secondary batteries, and white bio will be actively fostered.

A POSCO International official stated, “We will thoroughly manage risks in preparation for an economic downturn in the second half of the year while securing additional growth engines. We will also enhance shareholder value through steady performance generation and global market expansion.”

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