JNTC Reports H1 Sales of 112.9 Billion KRW, Up 33.4% YoY... "Quality Growth in 2 Years"

JNTC's semi-annual business performance achieved both quantitative and qualitative growth, and it forecasted a significant increase in performance in the second half of the year.

Leading 3D cover glass company JNTC (CEOs Jang Yong-seong and Kim Yuntaek) announced on the 14th that its consolidated sales for the first half of this year reached 112.86 billion KRW, a 33.4% increase compared to the same period last year. Operating profit and net profit also turned positive, achieving 6.29 billion KRW and 3.04 billion KRW respectively.

On a separate basis, the first half performance also saw a significant increase compared to the same period last year, with sales of 64.85 billion KRW and operating profit of 24.06 billion KRW. This was analyzed to be influenced by bold innovations and productivity improvement activities in various areas, as well as the one-time recognition of 12.1 billion KRW in technical support fees following the amendment of the technical support agreement with BNJ, a joint venture with BOE.

The main reason for the strong performance was the diversification of sales from new products invested in over the past two years, which established a new growth foundation, and the adoption of a rapid growth acceleration cycle through diversification of supplied products to customers. It was explained that in the second half, a more solid growth foundation will be established by securing new customers for automotive electronics products.

In particular, consolidated sales in the first half increased by 33.1 billion KRW in the strengthened glass business division compared to the same period last year, and a significant increase in performance is expected in the second half due to an increase in supply volume of new products in a diversified product lineup centered on mobile.

A JNTC official stated, “2023 will be the first year of a quantum leap surpassing the company’s peak performance in 2019,” and added, “We expect that the painstaking efforts over the past two years to diversify customers and products will be rewarded with outstanding results starting from the second half of this year.”

Additionally, JNTC recently made bold investment attraction efforts to respond to additional orders for automotive electronics and to secure new customers. This investment attraction was carried out without issuing new shares to protect existing shareholders, through the issuance of corporate bonds secured by shares of JNTC held by the largest shareholder Jinwoo Engineering, combined with exchangeable bonds (exchange price set at 12,000 KRW). It was explained that part of the funds raised will be used as proactive investment resources for the full-scale growth of the Vietnam subsidiary.

JNTC CEO Jang Yong-seong said, “Especially since the exchange price of the exchangeable bonds related to this investment attraction was set at 12,000 KRW, which is higher than the current stock price, it is proof that investors evaluate the company’s mid- to long-term business outlook more positively than ever,” and added, “We will focus on maximizing shareholder value through continuous growth acceleration by diversifying customers and expanding market share.”

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