SK hynix headquarters in Icheon, Gyeonggi Province, on the 10th. News
SK hynix (000660.KS) posted a net profit of nearly 94 trillion won in the second quarter of this year, setting a milestone as the largest quarterly earnings in the history of Korean listed companies. Driven by a large reflection of gains related to its stake in Japan’s Kioxia, previously co-invested with Bain Capital, the company instantly rewrote the record for the top earnings among Korean companies.
SK hynix said on the 29th that it recorded a net profit of 93.9226 trillion won in the second quarter of this year. The net profit margin was 118 percent. Pretax profit also came to 122.7083 trillion won, surpassing 100 trillion won in a single quarter.
This figure marks a sharp break from the previous record for the largest quarterly net profit by a Korean company. The former top records for both pretax profit and net profit were 58.828 trillion won in pretax profit and 47.2253 trillion won in net profit, set by Samsung Electronics in the first quarter of this year. SK hynix set a new record in this quarter, exceeding Samsung Electronics’ previous best by roughly twofold.
The main reason net profit and pretax profit surged so sharply was massive gains related to investment assets. The second-quarter results reflected 63.27 trillion won in investment asset gains and losses as other non-operating income. The industry analyzed that gains from the sale and valuation of the Kioxia stake, which SK hynix had previously invested in alongside Bain Capital through a Korea-U.S.-Japan consortium, were largely reflected in this quarter.