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Songwon Industrial Group announces Financial Results for Q1/2016

05-23-2016 10:47 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Songwon Industrial Co., Ltd.

/ PR Agency: Marketing Solutions
• Sales in Q1 totaled 183,074 Mil. KRW
• Gross profit increased over 2015 to 51,185 Mil. KRW
• The gross profit margin is at 28.0%

Ulsan, Korea – May 13, 2016 – Songwon Industrial Group (www.songwon.com) today reported its audited financial results for Q1/2016. The Group achieved sales of 183,074 Mil. KRW. When compared to sales in Q1/2015 (Mil. KRW 157,045), revenue increased by 16.6%.

Songwon had a promising start to 2016. With business remaining in line with its ambitious expectations, the company saw volumes sold exceeding those sold in Q1/2015. Strong customer demand, raw material and selling price stability, combined with smoothly operating production sites enabled Songwon to achieve acceptable margin results during the first three months of the year. During Q1/2016, EBITDA and EBIT margins increased to 18.4% and to 13.6% respectively.

Throughout Q1, all of Songwon’s manufacturing facilities operated at high utilization rates, allowing the company to reliably supply customers according to their orders. Songwon’s global manufacturing footprint was further expanded in Q1 with the new OPS (One Pack Systems) plant in Abu Dhabi kicking off operations in January. Leveraging both economy of scale and optimizing its production processes, Songwon continued to implement cost position improvements during Q1.

When looking beyond the positive Q1 results, Songwon remains cautiously optimistic. The company sees no reason to expect a decline in demand, but instead a slow rate of growth. In the coming months, Songwon will continue to press forward with various initiatives to maintain profitability and support further growth in the current market environment, while keeping accurate price/volume management a priority.

The Q1 Report can be downloaded at: www.songwon.com/en/investors/financialresults.

About Songwon Industrial Co., Ltd.
Songwon Industrial Co., Ltd. is the 2nd largest manufacturer of polymer stabilizers in the world with an almost 50 year history of breakthrough solutions. A leader in the development and production of additives and specialty chemicals, Songwon provides added-value products and innovative solutions to the plastics industry.

The company’s extensive product portfolio includes polymer stabilizers, alkyl phenols and alkyl cresols, PVC stabilizers, plasticizers, tin intermediates, polyurethanes, SAP and flocculants.

With headquarters in Ulsan, Korea, the Songwon Industrial Group comprises 16 companies including 2 joint ventures and 2 representative offices, located in 10 different countries on 3 continents. Songwon's products are manufactured across the globe in 9 manufacturing facilities: 3 are located in Korea and the others in Germany, USA, India and UAE plus 2 JV plants in China, one currently under construction and due for completion in 2016. The company also has a worldwide network sales and customer service offices, logistics hubs and warehouses.

For further information, please go to: www.songwon.com.

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