SK Group posted strong growth from focused investment in future-growth businesses such as renewable energy, semiconductor parts, and data centers, while Binggrae delivered an earnings surprise on the merger effect of Haitai Ice Cream.
SK Group announced second-quarter 2024 results showing a sharp improvement over last year. According to MBN Gold manager Jo Il-seon, SK's revenue jumped 40% year on year to 42.12 trillion won. Operating profit soared 2,205% to 4.84 trillion won.
SK Ecoplant, a group subsidiary, also showed impressive growth in the second quarter. Revenue rose 68% to 5.15 trillion won, and operating profit jumped 266% to 522.6 billion won. The growth is attributed to the full-scale launch of its renewable energy and semiconductor process businesses.
SK Enpulse also posted outstanding results in the second quarter. Revenue grew 179% from a year earlier to 2.15 trillion won, and operating profit surged 935% to 644 billion won. This appears to be driven by rapid growth in its semiconductor parts business.
Jo Il-seon of MBN Gold said the group has set data centers as a core future business. Major affiliates including SK, SK Ecoplant, SK Innovation, and SK Gas are investing heavily in data center-related businesses.
For example, it plans to monetize about 2.3 trillion won by selling its stake in SK Siltron. The funds raised will be used to pay dividends to shareholders, strengthen financial soundness, and invest in future growth businesses.
Binggrae announced second-quarter 2024 results that beat market expectations, recording an earnings surprise. Revenue rose 8% from a year earlier to 442.1 billion won. Operating profit jumped 159% to 69.7 billion won, and the operating margin reached 15%.
After acquiring Haitai Ice Cream in October 2020, it completed the absorption merger in April this year, fully integrating the company after about five and a half years. The integration has improved operating efficiency, and merger synergies are continuing to drive growth.
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