A smelter of Korea Zinc in South Korea. The company logged record quarterly sales and profits during the first three months of this year. Photo by Korea Zinc
SEOUL, May 6 (UPI) — World-leading non-ferrous metal maker Korea Zinc said Wednesday it posted record results during the first three months of this year despite a challenging business environment.
The Seoul-based company said its first-quarter sales were $4.2 billion, up 58.4% from a year before, while operating profit nearly tripled to $515 million year-on-year. Both were all-time quarterly highs.
Korea Zinc’s operating margin almost doubled to 12.3% during the January-March period. The company said said its diversified product portfolios and stable production capabilities led to the strong profit.
Robust demand for precious metals and critical minerals, including gold, silver and antimony, supported the company’s stellar performance, Korea Zinc said.
Separately, the company’s board approve Wednesday a first-quarter dividend of $3.46 per share, totaling $71 million, with payouts scheduled for early next month.
“Despite the sudden outbreak of war, rising raw material prices, and supply chain disruptions, we achieved record quarterly results thanks to our diverse product portfolio, stable production capacity, and growth in new business sectors,” Korea Zinc said in a statement.
“Down the road, we will keep putting forth efforts to maintain stable growth and solid profitability despite an uncertain global environment,” it added.
The company also said that it would focus corporate capabilities on the successful execution of Project Crucible, a $7.4 billion initiative to build an integrated smelter in Tennessee in partnership with the U.S. government.
The program aims to roll out 13 types of nonferrous metals, including 11 critical minerals, as well as semiconductor-grade sulfuric acid, beginning in 2029. Last month, Washington designated it under the FAST-41 permitting program for fast-track procedures.
The share price of Korea Zinc jumped 7.24% on the Seoul bourse Wednesday.