Nov. 3 – SK Innovations, a subsidiary of SK Group, said on Thursday local time that their revenue in the third quarter was 22.75 trillion won, up 82.5% year-on-year, but their net profit for the quarter was only 175.2 billion won, down 65.5% year-on-year, due to fluctuations in energy prices, according to foreign media reports.
Foreign media reports also show that SK On, a battery maker owned by SK Innovations, posted revenue of 2.19 trillion won in the third quarter, up 906.2 billion won from 1.28 trillion won in the previous quarter and up 71 percent from a year earlier.
Although SK On’s revenue grew significantly in the third quarter, there is still a significant gap compared to Korea’s other two major battery makers LG New Energy and Samsung SDI.
LG New Energy reported last week that their revenue in the third quarter was nearly 7.65 trillion won, up 89.9 percent year-over-year and 50.8 percent year-over-year.
On the same day as LG New Energy released their earnings, Samsung SDI also released their third quarter earnings, reporting revenue of 5.37 trillion won and operating profit of 565.9 billion won, both of which were record highs.
Although SK On, which was spun off from SK Innovative Battery Business in October last year, has a significant revenue gap with LG New Energy and Samsung SDI, the gap between them and the other two companies in terms of revenue is expected to narrow in the future as the demand for electric vehicle batteries increases and SK On’s investment increases.
