"POSCO Inter's Q2 Operating Profit Hits 357.2 Billion KRW, 'Largest Performance Since Establishment'"

Sales of 8.8654 trillion KRW

POSCO International announced on the 24th that it achieved sales of 8.8654 trillion KRW, operating profit of 357.2 billion KRW, and net profit of 220.5 billion KRW in the second quarter of this year. Compared to the first quarter, sales (8.3066 trillion KRW) increased by about 7%, operating profit (279.6 billion KRW) by 28%, and net profit (191.3 billion KRW) by more than 15%. The company stated that this is the highest performance since its establishment.

[Photo by POSCO International]

In particular, the operating profit in the second quarter increased by 11% compared to the same period last year, which recorded the highest performance ever. The operating profit margin also set a new record, exceeding 4%. The first half results showed sales of 17.172 trillion KRW and operating profit of 636.7 billion KRW.

[Photo by POSCO International]

By division, the energy sector recorded sales of 981.1 billion KRW and operating profit of 208.2 billion KRW. In the natural gas (LNG) business, profits greatly expanded as the value chain from gas fields to power generation became more solid. The company reported that the energy sector served as a cash cow by generating stable profits across all energy business areas, including the power generation business, which recorded operating profit of over 45 billion KRW despite seasonal factors.

The global business division also posted sales of 7.8843 trillion KRW and operating profit of 149 billion KRW. Despite the slow recovery of global demand, the company achieved expanded sales of eco-friendly steel and eco-friendly mobility products through a customer diversification strategy.

In the steel trading business, strong sales to high value-added eco-friendly industries such as European offshore wind power projects and a significant expansion in the supply of eco-friendly vehicle parts, including drive motor cores in the mobility sector, influenced the performance. Overseas trading corporations and palm plantations in Indonesia also maintained solid results.

[Photo by POSCO International]

The company forecasts that the global business environment will remain challenging in the second half of the year due to low growth in China and economic recession in Europe. In the energy sector, it plans to focus on expanding the natural gas business, including increasing production at Senex Energy, and growing the renewable energy business. In the global business division, it intends to continue achieving record-high operating profits by diversifying markets and strengthening sales of eco-friendly, high value-added products.

A POSCO International official said, “Thanks to strong performance not only in the existing trading sector but also in eco-friendly energy, mobility, and food business areas, we achieved the highest quarterly operating profit since our establishment. We plan to further enhance company value by intensively investing in future-oriented businesses going forward.”

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