LOTTE Chemical (CEO Gyo-hyun Kim) announced on the 5th that they achieved 12,234.6 billion KRW in revenue and 353.3 billion KRW in operating profit (consolidated) as management performance of 2020.

“In 2020, the management was depressed overall due to COVID-19 and the accident at Daesan Factory,” said LOTTE Chemical. “We focused on integration with LOTTE Advanced Materials (current LOTTE Chemical Advanced Materials Division), diversification of high value-added products, and restoration and normal operation of Daesan Factory."

The performance of fourth quarter recorded 3,231.3 billion KRW in revenue with an increase by 6.1% compared to the previous quarter. The operating profit recorded 212.5 billion KRW with an increase by 9.6% compared to the previous quarter. The revenue decreased by 12.5% compared to the same quarter of previous year, whereas the operating profit increased by 49.3%.

The following summarizes the performance of LOTTE Chemical and major subsidiaries in the fourth quarter of 2020:

- In case of basic materials division, the Olefin Business Division recorded 1,347.3 billion KRW in revenue and 88.8 billion KRW in operating profit due to the increase in demands following the expectations for economic recovery of the global market and strength in product spread. The Aromatic Business Division recorded 390.7 billion KRW in revenue and 5.5 billion KRW in operating loss due to the high cost of ingredients and decrease in demands during the off-season period.

- The Advanced Materials Division recorded 885.2 billion KRW in revenue and 82.7 billion KRW in operating profit. The performance related to mobility materials improved due to the growing demands for home appliances following the non-contact culture and the recovery of global automotive industry.

- LOTTE Chemical Titan, a subsidiary, recorded 523.7 billion KRW in revenue and 67 billion KRW in operating profit. As the spread of pandemic has slowed down and tight product supply has continued to satisfy the growing demands, profitability has been stable.

- LC USA, a subsidiary, recorded 106.1 billion KRW in revenue and 0.4 billion KRW in operating loss. The facilities that were temporarily shut down due to the hurricanes ‘Laura’ and ‘Delta’ have resumed normal operation and product spread has been improved to reduce the red figures.

“We prospect that the management environment would improve this year with gradual increase in demands following the recovery of global economy and normal operation of Daesan Factory,” announced LOTTE Chemical. “Based on 『Green Promise 2030』, the eco-friendly initiative of LOTTE Chemicals BU, we will actively promote strategic ESG management to fortify the existing businesses and expand high value-added products including eco-friendly and regenerative materials."

In addition, LOTTE Chemical decided to pay out cash dividends in the amount of 3,600 KRW per ordinary share. The dividends will finally be approved at the annual meeting of shareholders to be held in March to actively uphold LOTTE Group’s shareholder-friendly policies to improve shareholders’ rights and benefits.