Financial

Dongyang Cement Achieves Net Profit Turnaround to 57.9 Billion Won

Dongyang Cement reports a net profit of 57.9 billion won, marking a significant recovery from a 76.3 billion won loss the previous year, with increased exports and structural adjustments driving growth.

Photo by Daniel Bernard / Unsplash

Dongyang Cement, under the leadership of CEO Noh Young-in, announced a remarkable financial turnaround with a net profit of 57.9 billion won on sales of 1.055 trillion won. This recovery is attributed to strategic structural adjustments and improved apartment sales in the construction sector, reversing a 76.3 billion won loss from the previous year.

A record export volume of 1.71 million tons of cement significantly contributed to this success, enhancing factory utilization rates and reducing manufacturing costs. This performance includes contributions from Dongyang Global, which merged into Dongyang Cement's trading division last July.

The company credits its rigorous restructuring, including divestment of non-performing assets, for this achievement. Looking forward, Dongyang Cement has set a sales target of 1.2 trillion won for the year, anticipating a 15% growth in housing supplies nationwide.

Source: Maekyung Economy

Country: South Korea

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