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Photo: OCI Corporation |
[Alpha Biz= Kim Jisun] Seoul, Korea – July 23, 2024 – OCI announced its consolidated financial results for the second quarter of 2024, reporting revenue of KRW 527 billion and an operating loss of KRW 2.3 billion. Compared to the same period last year, revenue declined by 7%, and the company swung to an operating loss.
The main contributor to the downturn was P&O Chemical, which OCI fully consolidated after acquiring POSCO Future M’s 51% stake in March 2024. P&O Chemical recorded an operating loss of KRW 5.9 billion on a standalone basis during the quarter.
Segment Highlights:
Basic Chemicals:
Revenue totaled KRW 200 billion, up 6.4% from the previous quarter. Operating losses narrowed from KRW 7 billion to KRW 2 billion.
Carbon Chemicals:
Revenue reached KRW 350 billion, down 4.4% quarter-over-quarter. Operating profit dropped significantly from KRW 1.8 billion to KRW 400 million, a 77.8% decline.
OCI cited the temporary impact of the newly consolidated subsidiary and soft market conditions as the primary reasons for the weaker performance.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
