SK IE Tech Turns Quarterly Profit After 7 Quarters

SK Innovation Energy Technology (SKIET) turned a quarterly profit for the first time in seven quarters since the third quarter of 2021.

On the 27th, SKIET announced that it recorded sales of 151.8 billion KRW and an operating profit of 1 billion KRW in the second quarter. The company explained that this was due to increased sales of lithium-ion battery separators and cost improvements such as a decrease in utility unit prices.

SKIET plans to strengthen its competitiveness in the separator market in the second half of the year through gradual profitability and performance improvements, signing long-term supply contracts, diversifying customers, and making decisions on expansion in the North American region. In addition, the company will continue to explore new business opportunities, including next-generation battery materials such as solid electrolytes.

Furthermore, SKIET announced on the same day that it signed a five-year long-term supply contract for separators with SK On until 2027. In June, SKIET also signed a seven-year long-term supply contract with new target customers in North America and other overseas regions.

Oh Taek-seung, CFO of SKIET, stated, "Under the strategy of diversifying the customer portfolio, securing new customers is our top priority," adding, "We will do our best to enhance corporate value by generating business results."

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