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Photo = SGC energy |
[Alpha Biz= Reporter Kim Jisun] On October 30, SGC Energy announced the sale of its biomass power plant subsidiary, SGC Green Power, to private equity firm Glenwood Private Equity. The deal, approved in a board meeting, involves the transfer of 100% of SGC Green Power's shares (11.02 million shares) for 322.2 billion KRW.
An SGC Energy representative stated that the sale aims to diversify the company’s business portfolio and improve its financial structure, boosting competitiveness. Going forward, the company plans to focus on circular economy initiatives and technology-intensive industries.
SGC Energy also intends to advance its carbon capture and utilization (CCU) technology and begin producing ultra-high purity liquefied carbon dioxide for semiconductor cleaning.
In the third quarter of this year, SGC Energy reported sales of 541.4 billion KRW and an operating profit of 44.2 billion KRW, marking decreases of 32.4% and 26%, respectively, compared to the same period last year. However, year-to-date revenue totaled 1.707 trillion KRW, with operating profit increasing by 75% to 163.4 billion KRW and net profit soaring by 125% to 64.1 billion KRW.
SGC Energy has benefited from stable coal and wood pellet fuel prices in its power and energy sectors, improving margins. Additionally, the company expects an increase in wholesale electricity prices (SMP) due to seasonal factors in the second half of the year.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
