Polaris Sewon Achieves Record High Sales of 176.7 Billion KRW with 81% Growth...

Polaris Seawon, a specialized automotive air conditioning parts company, achieved its highest-ever performance due to increased exports for electric vehicles and the effect of incorporating a strong subsidiary.

On the 14th, Polaris Seawon announced that its consolidated operating profit for last year turned positive to 8.6 billion KRW compared to the previous year. During the same period, consolidated sales increased by 81.2% year-on-year to 176.7 billion KRW, while net profit decreased by 52.67% to 3.9 billion KRW. These represent record-high sales and operating profit.

The strong performance was mainly influenced by increased export volumes due to rising orders for electric vehicle parts and the full-year reflection of Polaris Uno’s results. The decrease in net profit is attributed to one-time financial gains recorded in the previous year, 2021.

On a separate basis, last year’s sales increased by 28.98% year-on-year to 79.4 billion KRW, and operating profit turned positive to 2.6 billion KRW. During the same period, separate net profit was 2.5 billion KRW, down 54.97% from the previous year.

A Polaris Seawon official explained, “Orders are steadily increasing, centered on electric vehicles,” and added, “As the ordered products enter full-scale mass production, sales are growing.” He continued, “It is meaningful that we achieved record-high sales and operating profit by incorporating the subsidiary Polaris Uno last year,” and stated, “Considering the current order backlog, we expect to grow together with our group companies this year as well.”

Polaris Uno also recorded its highest-ever performance last year alongside Polaris Seawon. Polaris Uno’s consolidated sales and operating profit for last year were 97 billion KRW and 7.5 billion KRW, respectively, marking increases of 45% and 28% year-on-year. Polaris Office recorded a net profit turnaround last year due to gains from the sale of affiliates. Its consolidated sales were 24.2 billion KRW, operating profit 1.7 billion KRW, and net profit 13 billion KRW.

Currently, Polaris Seawon’s order backlog for automotive parts business amounts to approximately 500 billion KRW. Polaris Seawon supplies parts to global automakers and electric vehicle specialists such as Hyundai, Kia, Tesla, GM, Ford, Rivian, and Lucid through its customers.

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