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Woohyun Lee, Chairman of OCI Holdings. (Photo=OCI Holdings) |
[Alpha Biz= Reporter Kim Jisun] OCI Holdings reported on August 5 that its operating profit for Q2 2024 was KRW 89.5 billion, a 9.8% decrease from the previous quarter. During the same period, revenue increased by 9.8% to KRW 949.9 billion, while net income dropped by 88.1% to KRW 22.8 billion. The operating profit margin stood at 9.4%.
OCI Holdings, which was established as a holding company in May of last year, explained that the figures for Q2 2023 only include data from May and June, excluding April's discontinued operations. Compared to the same period last year, revenue increased by 59.8%, while operating profit decreased by 32.1%.
Quarterly revenue has shown a consecutive increase over the past three quarters, thanks to the consolidation effect from OCI. OCI Holdings completed its in-kind contribution to OCI at the end of January, increasing its stake from 33.25% to 44.78%, with OCI now classified as a subsidiary rather than an associate company.
Despite increased production and sales of polysilicon, the U.S. solar module business faced challenges. The Malaysian subsidiary OCIM, which produces solar polysilicon, saw its revenue rise by 9.3% to KRW 176.2 billion and operating profit increase by 48.4% to KRW 55.5 billion.
However, OCI Enterprises (OCIE), the U.S. solar business holding company, recorded a revenue of KRW 35.7 billion and an operating loss of KRW 1 billion, turning into a loss compared to the previous quarter. The oversupply of low-priced products, particularly in China, and prolonged high interest rates have contributed to the poor performance in the residential module sector.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
