Kumho Petrochemical Reports Q2 Operating Profit of 119.1 Billion KRW, Up 11% Year-on-Year

Sales increased by 17.4% to 1.8525 trillion won

Kumho Petrochemical announced on the 2nd that it recorded consolidated sales of 1.8525 trillion KRW and operating profit of 119.1 billion KRW for the second quarter of this year. Sales increased by 17.4% year-on-year, and operating profit rose by 10.7%.

Compared to the first quarter of this year, sales increased by 11.1%, and operating profit grew by 51.6%. Net profit was 131.6 billion KRW, up 15.9% from the same period last year and 28.3% from the previous quarter.

Kumho Petrochemical Yeosu Rubber Plant 2
[Photo by Kumho Petrochemical]

Among the business divisions, the synthetic rubber division, which accounts for the largest share of sales, recorded sales of 707.7 billion KRW and operating profit of 46.6 billion KRW. Sales increased by 29.3% and operating profit by 41.6% compared to the previous year. The company explained that despite strong raw material prices, demand from downstream industries such as tire and glove manufacturers remained solid, improving profitability. The export ratio of synthetic rubber sales reached 80%. The synthetic resin division recorded sales of 332 billion KRW and operating profit of 1.2 billion KRW, maintaining a similar level to the previous year.

Sales in the functional synthetic rubber (EPDM) and eco-friendly rubber (TPV) division amounted to 172.9 billion KRW, with operating profit of 22.4 billion KRW. Compared to the same period last year, sales increased by 3.1%, while operating profit decreased by 32.9%. Kumho Petrochemical stated, "Sales volume and profitability are expected to slightly decline in the third quarter due to the off-season."