POSCO International said on the 29th that, on a consolidation basis, last year's operating profit was provisionally tallied at 1.1653 trillion won.
That is an increase of 4.3% from a year earlier. Revenue rose 0.1% to 32.3736 trillion won, and net profit increased 26.5% to 636.8 billion won.
POSCO International said last year's results were the best since the company was founded. POSCO International has maintained operating profit in the 1 trillion won range for three consecutive years since merging with POSCO Energy on Jan. 1, 2023.
Energy and food businesses drove last year's results. Operating profit in the energy institutional sector was 623 billion won, about 54% of total operating profit.
Increased sales volume from the Myanmar gas field and the expansion of the Senex gas field in Australia helped improve operating profit.
In the food institutional sector, boosted by the completion of an acquisition of a new palm corporations and strong market conditions for palm oil feedstock, revenue rose 58% to 357 billion won, and operating profit increased 23% to 101 billion won.
In the materials institutional sector, the drive motor core business returned to the black, recording 19 billion won in operating profit thanks to diversification of the sales mix centered on hybrid cars and improved costs.
However, in the power generation business within the energy institutional sector, operating profit fell 33% year over year to 114 billion won due to declines in the system marginal price (SMP) and lower utilization.
POSCO International's net debt ratio at the end of last year was 62.8%, down 3.0 percentage points from the prior year (65.8%). Total assets increased by about 1.4 trillion won to 18.753 trillion won.
A POSCO International official said, "We reaffirmed the differentiated competitiveness of our core businesses last year, including increased gas field production and expansion of the palm business," adding, "This year, we will ramp up revenue generation in our three core businesses—energy, materials, and food—and establish a high-efficiency management system through digital transformation (DX) and embedding sustainable management."