In early trading on the 23rd, Daesung Energy is surging 16%. The move is seen as driven by news that last year's results hit the highest level since COVID-19.
As of 9:12 a.m., Daesung Energy is trading at 13,000 won on the Korea Exchange, up 1,860 won (16.7%) from the previous session.
Earlier, Daesung Energy said in its annual business report that it logged revenue of 1.018 trillion won and operating profit of 30.3 billion won last year. That was up 2.3% and 48.2%, respectively, from a year earlier.
According to the company, the latest results are the best since COVID-19. Daesung Energy's operating profit fell to 16 billion won in 2021, when COVID-19 took hold, and then to 900 million won in 2022, before rebounding.
A Daesung Energy official said, "As operational efficiency supports performance, results that had weakened during COVID-19 have rebounded and are now showing growth."