Woory Industrial, an automobile parts manufacturing company that produces heaters and actuators for automobiles, achieved new orders worth KRW 584.1 billion in the first half of 2021, and is expected to achieve great growth in the future as it achieved good results, about 20% higher than the annual order target of KRW 500 billion.
In the second quarter of this year, cumulative sales increased 7% year-on-year to KRW 146.2 billion, operating profit increased by 112% to KRW 4.2 billion, and net profit increased by 302% to KRW 6.2 billion.
Although there were factors such as a decrease in sales and a decrease in operating profit due to an increase in logistics costs, such as recent shutdown of automakers due to the recent automotive semiconductor issue, the second half of this year is expected to increase as overseas sales to companies such as Rivian and Denso are expected to increase. Also there is positive outlook for semiconductor supply and demand from the third quarter, where there are expectation of full-fledged recovery.
In particular, as the amount of orders received in the first half of this year exceeded the annual target further growth is expected. Around 86% of the new orders supplied to eco-friendly vehicles such as e-vehicles and hydrogen vehicles and the companies include Daimler, Hyundai/Kia Motors, Tesla, Rivian, and Stellantis.
Woory Industrial is proving its product competitiveness by supplying parts to a number of major global automakers and there is expectation for following orders as automakers are preparing full-scale launch of eco-friendly vehicles.
Woory Industrial is developing and mass-producing core parts for thermal management systems along with PTC heaters as well as coolant heaters and COD heaters, expected to grow larger in the future.
About Woory Industrial:
Woory Industrial Co., Ltd., established in 1989, specializes in automobile parts, and produces PTC heaters, HVAC actuators, control heads, and current sensors as its main products. By establishing overseas subsidiaries in China, India, Thailand, Slovakia, and the United States, it is leaping forward as a global auto parts company. In particular, Woory Industrial is focusing on developing and distributing eco-friendly products in line with the global trend of eco-friendly cars, such as supplying parts for electric vehicles and hydrogen cars.