SMAC Achieves Record Q3 Performance with Operating Profit of 20.9 Billion Won
SMEC announced on the 13th that its consolidated sales for the third quarter of this year amounted to 152.7 billion KRW, with an operating profit of 20.9 billion KRW. This represents a 14.2% increase in sales and a 24.9% increase in operating profit compared to the same period last year, marking the highest quarterly performance in the company's history.
During the same period, the third-quarter operating profit margin was recorded at 13.7%, up 1.2 percentage points from the same period last year, and the net profit margin also rose by 2.1 percentage points to 12.5%. A notable aspect of this performance is the improvement in profitability, driven by strategies such as strengthening the high value-added product portfolio, increasing overseas sales, and expanding production in Vietnam.
SMEC's overseas growth was particularly prominent in Europe. Sales in Europe increased, centered on Germany and T?rkiye, driving the strong performance this quarter. In September, SMEC participated in the machine tool exhibition ‘AMB 2024’ held in Germany, significantly expanding its investment in global marketing and enhancing brand awareness. Additionally, the strategy of expanding local production in Vietnam to improve cost efficiency and strengthen profitability also proved effective.
SMEC expects this growth trend to continue into the fourth quarter. Notably, last month, the company signed a memorandum of understanding (MOU) regarding the acquisition of Hyundai Wia’s machine tool division. Once the acquisition is completed, it is expected that SMEC’s information technology (IT) capabilities combined with Hyundai Wia’s automotive industry experience will generate synergies across various upstream industries, further enhancing competitiveness.
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A representative from SMEC stated, “The strong third-quarter performance confirmed sales growth and profitability expansion in Europe,” adding, “With the ongoing acquisition of Hyundai Wia’s machine tool division, the synergy effects will further increase overseas sales and profitability in the future.”
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