Samyang Packaging headquarters [Samyang Group]
Samyang Packaging headquarters [Samyang Group]

Samyang Packaging, the PET packaging arm of Samyang Group, posted strong first-half earnings with gains in both revenue and profit.

According to the company's consolidated earnings disclosure Wednesday, first-half operating profit jumped 40.9 percent year-on-year to 17.5 billion won ($12.2 million). Net profit for the period rose 30.5 percent to 12.2 billion won over the same period. Sales climbed 6.0 percent to 224.8 billion won.

In the second quarter alone, operating profit grew 21.4 percent year-on-year to 17 billion won, while sales rose 9.5 percent to 131.5 billion won.

The company attributed the strong results to higher sales in its container and aseptic segments, driven by active efforts to identify new demand and the full-scale emergence of a recycling market, which together reduced fixed costs per unit.

First-half gross profit rose 8.2 percent year-on-year to 43.5 billion won, as expanded product sales and price increases improved the earnings structure.

Companywide cost efficiency efforts also contributed to the improved profitability. First-half selling, general and administrative expenses fell 6.5 percent year-on-year to 26 billion won.

Samyang Packaging said it plans to respond flexibly to market demand, expand product sales, and stabilize its earnings base through cost and pricing management and operational efficiency. CEO Yoon Seok-hwan said the company will "respond quickly to customer needs, identify new demand, and at the same time strengthen operational efficiency to build a stable foundation for growth."


spa@heraldcorp.com