Matsubara's net profit nearly doubled

Matsubara released its financial performance report for the third quarter of 2022. In the third quarter, the Group achieved comprehensive sales of 350.731 billion won and net profit of 41.376 billion won, up 34.8% and 97.3% respectively from the previous year.

With the price increase that has already been implemented, the operation of the chemical raw materials sector was actively supported in the third quarter, offsetting the rising cost of raw materials, logistics and energy. Among the products, the sales revenue of polymer stabilizers, fuels and lubricant additives increased. In terms of paint additive business, although the overall increase in product supply in the market has led to intensified price competition, the business still maintained a steady development trend.

At the same time, the High Performance Chemicals Department also achieved good results in the whole third quarter, because the logistics cost decreased, and Matsubara became more competitive outside Asia. Among them, the increase of production capacity of di-n-octyl tin oxide promoted the income growth of tin intermediates. The sales of polyvinyl chloride (PVC) in the third quarter were negatively affected by many factors, including the rise in energy costs and the de stocking activities carried out by customers to cope with the decline in the cost of raw materials. The revenue of polyurethane and thermoplastic polyurethane decreased slightly compared with the second quarter, but the profit margin increased due to the decrease of raw material prices.