OCI Holdings said on Thursday that it recorded consolidated revenue of 1.062 trillion won and an operating profit of 68 billion won for the third quarter of this year.
Revenue increased by 25.7% compared to the same period last year, while the operating profit turned profitable. By maintaining a profitable trend for four consecutive quarters, OCI Holdings has secured a definite shift to annual profitability this year, unlike last year.
The results were driven by balanced growth across major subsidiaries, including OCI TerraSus, a Malaysian subsidiary producing polysilicon for solar power, and DCRE, an urban development project developer. In particular, OCI TerraSus signed a long-term supply agreement (LTA) for solar polysilicon with a new U.S. customer in the second quarter, selling out its entire production capacity of 35,000 tons per year through 2029.
NEOSILICON Technologies, a grandchild company of OCI TerraSus, is conducting quality certifications for major customers producing cells for the U.S. market, including new U.S. customers. Initial shipments are currently underway for some customers.
In particular, the company plans to complete the conversion of dedicated wafer production lines for each customer within this year after meeting the stringent product specification requirements of key customers, and will begin full-scale commercial production starting in the first quarter of 2027.
Additionally, OCI Holdings aims to build a stable growth foundation by continuing to secure new customers in the U.S., Turkey, and Taiwan, and signing long-term supply agreements.
OCI Enterprises, a U.S.-based solar power holding company, saw both revenue and operating profit decrease compared to the previous quarter. This was due to the base effect from OCI Energy, a subsidiary, which reflected disposal profits from the 500th-megawatt La Salle project in the second quarter of last year.
Lee Woo-hyun, Chairman of OCI Holdings, stated, "Based on the solar power pipeline secured primarily in Texas by OCI Energy and its differentiated supply chain free from foreign entity restrictions, we will continue to expand investments in the solar business and proactively respond to changes in global supply chains."
Meanwhile, OCI Holdings plans to complete the cancellation of 15 billion won worth of treasury stock purchased this year within this month. This amount corresponds to the remaining 0.4% of the company's shareholder return policy, which involves purchasing and canceling 5% of total issued shares over three years starting in 2024. Through this, OCI Holdings will fully complete the shareholder return policy it has pursued for three years.
In addition, considering overseas new business investments and cash flows for medium- to long-term growth, OCI Holdings announced its goal to return more than 50% of its net income on a standalone basis as shareholder returns. Based on this shareholder return stance, the company also plans to pursue share buybacks and cancellations totaling 50 billion won by 2029.
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