Polaris Sewon, Net Profit of 12.2 Billion KRW... Up 212.1% YoY

Polaris Sewon announced on the 11th that its net profit on a consolidated basis last year reached 12.2 billion KRW, an increase of 212.1% compared to the previous year. During the same period, sales amounted to 160.4 billion KRW, and operating profit was 7.4 billion KRW.

The company explained that net profit improved significantly due to financial income and other income generated by its subsidiary Polaris Uno. However, the sales and operating profit of Polaris Uno, which focuses on exports, temporarily declined during the normalization of demand after COVID-19. On a separate basis, sales and operating profit increased by 1.9% and 36.1% year-on-year to 80.9 billion KRW and 3.5 billion KRW, respectively.

Polaris Sewon is a secondary parts manufacturer producing related components assembled into automotive air conditioning products. Through major domestic clients, it supplies air conditioning parts to global automakers such as Hyundai Motor, Kia, Tesla, GM, Ford, and Rivian.

A company representative stated, "The automotive air conditioning parts business division continues to show a solid performance, especially in the North American market," adding, "We believe that performance improvement is possible this year due to expectations of a recovery in the global automotive industry."

He continued, "We will strive to enhance Polaris Sewon's corporate value and shareholder value by maintaining stable operations based on a stable order backlog of approximately 500 billion KRW."

Meanwhile, in February, Polaris AI (formerly Linos) announced that the largest shareholder of Polaris Uno and Polaris Sewon had changed. Polaris Office Group affiliates plan to create synergy by combining technologies in IT, software, and artificial intelligence.

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