Posco Chemical expects stretch in hot earnings streak after record Q1
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Its operating profit came to 34.3 billion won ($30.8 million won) on a consolidated basis in the January-March period, Posco Chemical disclosed Monday. The figure, a new record quarterly high, is up 64.5 percent from the previous quarter and 114.9 percent from a year earlier.
Revenue also reached a fresh record of 467.2 billion won after growing 3.9 percent on quarter and 20.6 percent on year.
On Tuesday, Posco Chemical shares closed 3.63 percent lower at 159,500 won after finishing the previous day 2.2 percent higher.
Posco Chemical’s record first-quarter performance was driven by brisk sales of its cathode materials, the core part of electrical vehicle batteries.
Its cathode materials business delivered 154.7 billion won in sales, more than tripled from the same quarter last year. Anode materials business also fared well, with sales jumping 26 percent on year to 51.9 billion won.
The company is headed for north as it accelerates capital investment to ramp up both cathode and anode output to meet the global EV boom.
It plans to boost annual cathode production capacity of its Gwangyang plant in Korea to 90,000 ton by 2023 to power 1 million EVs. The expansion will be followed up by additional capex investments to secure annual production capacity of 160,000 tons in Korea and 110,000 tons at overseas plants, including U.S and Europe, by 2025.
Posco Chemical is also moving quickly to expand its share in the global anode material market from current 11 percent, the fourth largest in the world. The company is currently upgrading its anode materials plant in Pohang, Korea to bump up annual output from current 44,000 tons to 69,000 tons by this year’s end and 260,000 tons by 2030.
Industry experts expect Posco Chemical would be able to earn 650 billion won in cathode materials sales and 250 billion won in anode materials sales this year, up 83 percent and 39 percent, respectively, from a year earlier. Furthermore, the company’s cathode materials sales would reach 5.4 trillion won and anode materials sales 1 trillion by 2025, if the company completes plant expansions as planned.
Posco Chemical aims to win 20 percent of the global secondary battery materials market with annual revenue of 23 trillion won by 2030.
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