Seoul Semiconductor and Seoul Viosys post high growths in Q1

Seoul Semiconductor said on Tuesday that it has recorded 310.4 billion won in sales and 20.5 billion won in operating income in the first quarter of 2021.

Sales increased 27.6% year-on-year, while operating income jumped 243.4% over the same time period.

Seoul Semiconductor said it saw improved performance across the board, from its TV, monitor, automobile to lamp LED businesses. The spread of remote work due to the pandemic caused high demand for IT products, the company said.

A day earlier, subsidiary Seoul Viosys said that it has recorded 121.8 billion won in sales and 11.9 billion on in operating income in the first quarter of 2021

Sales increased 40% from the first quarter of 2020. Operating income surged 342% over the same time period. 

The company saw high demand for its LED products. High-value lighting products such as Wicop saw 35% increased sales year-on-year, Seoul Viosys said. Its ultraviolet LED technology Violeds also saw sales increase 90% from a year prior.

Seoul Semiconductor said its transfer of some production to Vietnam, which started in 2017, has also stabilized.

The LED firm said it expects sales of 320 billion won to 340 billion in the second quarter, which will be a 19% to 29% increase from a year prior.

The company also expects MiniLED sales to contribute to its earnings starting in the second half of the year.