Seoul Semiconductor's First Quarter Net Income Quadrupled on Year
Seoul Semiconductor Co., Ltd. ("Seoul") (KOSDAQ 046890), a leading global LED product and technology provider, today announced KRW 310.4 billion of consolidated revenues and KRW 20.5 billion of operating profit (6.6% margin) for the first quarter 2021, each growing 27.6% and 243% year on year (YoY). Net profit was KRW 24.5 billion which is equivalent to 85% of its full year net income in 2020. Seoul recorded historical high first quarter revenue and net profit.
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(Fig.1) Packaged LED market shares released by Omdia, globa research leader (Graphic: Business Wire)
Seoul suggests revenue for the second quarter to be between KRW 320 billion and KRW 340 billion growing 19% to 29% YoY that indicates strong expectations for the full year. In April, Seoul reported that its LED package business ranked the third globally in 2020 surpassing Lumileds, a LED manufacturer in the U.S. according to Omdia, a global market research leader. Seoul expects to continue double digit growth this year to be positioning as a global top LED leader in the future.
Strong growth in the IT division as a beneficiary of the growing non-contact economy in pandemic era led to outstanding performance in the first quarter. IT division showed strong growth but automotive and lighting divisions recorded stable growth and performance as well. Manufacturing site transition to Vietnam started in 2017, also has stabilized and contributed to improved profitability.
"We have higher expectations for the second half as mass production of mini LEDs will lead to better results. We have been investing to capture new growth opportunities," said an officer at Seoul. Seoul's mini LED uses package-less WICOP products, the world's first revolutionary technology directly mounting LED chips onto a substrate.
About Seoul Semiconductor
Seoul Semiconductor is the world's second-largest global LED manufacturer, a ranking excluding the captive market, and has more than 14,000 patents. Based on a differentiated product portfolio, Seoul offers a wide range of technologies, and mass produces innovative LED products for indoor and outdoor lighting, automotive, IT products, such as mobile phones, computer displays, and other applications. The company's world's first technologies are becoming LED industry standard and leading global market with a package-free LED, WICOP; a high-voltage AC-driven LED, Acrich; a LED with 10X the output of a conventional LED, nPola; a ultraviolet clean technology LED, Violeds; an all direction light emitting technology, filament LED; a natural spectrum LED, SunLike; and more. For more information, please visit www.seoulsemicon.com/en.
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