Songwon's net profit nearly doubled

On November 11, Songwon released its financial results
for the third quarter of 2022.
In the third quarter, the group achieved consolidated sales of KRW 350,731 million and net profit of KRW 41,376 million, up 34.
8% and 97.
3%
year-on-year, respectively.

Operations in the Chemical Raw Materials division were positively supported in the third quarter, offsetting rising raw materials, logistics and energy costs
, thanks to price growth already in place.
Among the products, sales revenue increased in polymer stabilizers and fuel and lubricant additives
.
In the coating additives business, the business maintained a solid trend despite increased price competition due to the overall increase in product availability in the market
.

At the same time, Performance Chemicals also achieved good results throughout the third quarter, as logistics costs fell and Songwon became more competitive
outside of Asia.
Among them, the increase in di-n-octyltin oxide production capacity has led to the revenue growth
of tin intermediates.
Polyvinyl chloride (PVC) sales were negatively impacted in the third quarter by a number of factors, including higher energy costs and customer destocking activities in response to lower raw material costs
.
Polyurethane and thermoplastic polyurethane revenue declined slightly from the second quarter, but margins increased
due to lower raw material prices.