Seoul Semiconductor has posted an operating profit of KRW23.4 billion ($292.65 million) for the second quarter of 2021, up by 70.3% year-on-year.
Seoul Semiconductor Co. Ltd has posted consolidated revenues of KRW336.8 billion ($292.65 million at $1=KRW1,150.84) and operating profit of KRW23.4 billion ($20.33 million) for the second quarter of 2021, up by 25.6% and 70.3% year-on-year (YoY), respectively. Net profit for the first half reached KRW43.9 billion ($38.15 million), already exceeding 2020 full year net profit of KRW29 billion ($25.2 million). Second quarter revenue of KRW336.8 billion ($292.66 million) is the record high quarterly revenue.
Double digit growth continued across all divisions including display, general lighting and automotive, while the automotive division led the growth by doubling its revenue year on year.
The company started the quarter against concerns regarding the semiconductor shortage within the car industry manufacturing value chain. It was able to overcome the headwinds, mainly driven by the structural growth from WICOP—the company’s patented LED chip technology—which is now applied to more than 102 car models globally this year.
WICOP is designed to be a compact form factor suitable for slim and thin lenses as it does not require wire bonding or packaging. Also, thanks to its long product lifetime and high efficiency of heat conductivity, WICOP is actively applied to TV backlighting LEDs. WICOP chips are applied to about 20% of all global TVs.
Seoul Semiconductor expects its third quarter revenue to be between KRW340 billion ($295.4) and KRW360 billion ($312.8 million), up by 3% to 9% YoY, suggesting another quarter of all-time high revenue.