PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩250 per share · Prices as of the 2026-10-02 close
Taekyung Industrial, the founding company of the Songwon Group with diversified businesses spanning ferroalloys, lime, carbonic gas, and zinc, posted a clear revenue and profit rebound in the first half of 2026.
Operates non-cyclical businesses including steelmaking refining agents (ferroalloys) supplied to POSCO and the Munmak rest area on the Yeongdong Expressway
Holds the No.1 domestic market position via affiliate Taekyung Chemical, with roughly 25% share in liquid carbonic acid and 34-35% in dry ice
First-half 2026 owner net income already exceeded the full-year 2025 figure, signaling a recovery trend
The 2025 debt ratio jumped to 67.6% from the prior year, warranting monitoring of the changing balance sheet
The company has maintained an uninterrupted 30-year record of year-end dividends since its KOSPI listing
Founded in 1982, Taekyung Industrial's core business is the manufacturing and sale of ferroalloys (steelmaking refining agents), and it is described as the only specialized ferroalloy producer in Korea, supplying POSCO on a stable basis.
The company also produces and sells heavy calcium carbonate and operates highway rest areas and gas stations, including the Munmak rest area on the Yeongdong Expressway.
Including consolidated affiliates, the group spans eight business segments: ferroalloys, lime manufacturing, carbonic gas, light bulbs, zinc, highway rest areas/gas stations, fuel, and other businesses.
Key products include ferroalloys, lime, heavy calcium carbonate, carbonic gas, LED bulbs, zinc oxide, food products, gasoline, and carbide.
Within this portfolio, the carbonic gas and dry ice business is run by affiliate Taekyung Chemical, which uses by-product CO2 from refining and petrochemical processes to produce liquid carbonic acid and dry ice, holding roughly 25% share in the domestic liquid carbonic acid market and about 34-35% in dry ice, both No.1 positions.
Major customers for liquid carbonic acid include Hyundai Samho Heavy Industries, Hite Jinro, Coca-Cola Beverage, and Lotte Chilsung, while dry ice is supplied to cold-chain and distribution firms such as Coupang, Market Kurly, CJ Logistics, and Lotte Confectionery.
The company effectively functions as the holding entity for the Songwon Group, which includes three listed affiliates, with controlling shareholder and CEO Kim Hae-ryun holding a stable 62.02% stake including related parties.
This blended portfolio of materials, energy, distribution, and services reduces dependence on any single end market, while also creating a structural feature in which minority interests from multiple subsidiaries are reflected in consolidated results.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩209.7B | ₩13.7B | 6.5% |
| 2025Q3 | ₩198.4B | ₩16.7B | 8.4% |
| 2025Q4 | ₩199.7B | ₩13B | 6.5% |
| 2026Q1 | ₩206.2B | ₩17.2B | 8.4% |
| 2026Q2 | ₩240.7B | ₩22.1B | 9.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩733.4B | ₩54.9B | ₩23B | 7.5% | 8.1% | 48.5% |
| 2023 | ₩656B | ₩44.1B | ₩16.3B | 6.7% | 5.4% | 41.2% |
| 2024 | ₩675.7B | ₩55.7B | ₩20.4B | 8.2% | 6.5% | 43.3% |
| 2025 | ₩777.1B | ₩55.4B | ₩16.8B | 7.1% | 5.5% | 67.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
On an annual basis, revenue fell 10.5% from KRW 733.4 billion in 2022 to KRW 656.0 billion in 2023, before recovering for two consecutive years to KRW 675.7 billion (+3.0%) in 2024 and KRW 777.1 billion (+15.0%) in 2025.
Operating profit dropped 19.6% from KRW 54.9 billion in 2022 to KRW 44.1 billion in 2023, rebounded 26.2% to KRW 55.7 billion in 2024, and stayed roughly flat at KRW 55.4 billion in 2025. The operating margin eased from 7.5% in 2022 to 6.7% in 2023, improved to 8.2% in 2024, then edged down to 7.1% in 2025.
Owner net income, however, fell from KRW 23.0 billion in 2022 to KRW 16.3 billion in 2023 (-29.4%), recovered to KRW 20.4 billion in 2024 (+25.4%), then declined again to KRW 16.8 billion in 2025 (-17.8%) - a pattern explained by the fact that a substantial portion of the KRW 38.5 billion consolidated net income is allocated to non-controlling interests in subsidiaries; indeed, non-controlling equity (KRW 283.2 billion) in 2025 grew close to owner equity (KRW 307.1 billion).
Quarterly trends show revenue of KRW 209.7 billion and operating profit of KRW 13.7 billion in Q2 2025, easing to KRW 199.7 billion revenue and KRW 13.0 billion operating profit by Q4 2025, before clearly improving to KRW 206.2 billion revenue and KRW 17.2 billion operating profit in Q1 2026, and further to KRW 240.7 billion revenue, KRW 22.1 billion operating profit, and KRW 11.4 billion owner net income in Q2 2026.
Notably, combined owner net income for the first half of 2026 (KRW 17.9 billion) already exceeded the full-year 2025 figure (KRW 16.8 billion). The Q2 2026 operating margin of roughly 9.2% was the highest of the past five quarters.
This recovery appears linked to rising carbonic gas product prices combined with import-substitution effects from processed lime products such as highly reactive hydrated lime and high-grade quicklime.
Core demand drivers for the carbonic gas and dry ice business are diversified across shipbuilding welding, food and beverage, semiconductor cleaning, and cold-chain delivery, with shipbuilding welding said to account for roughly 60% of domestic liquid carbonic acid demand.
The recent upcycle in shipbuilding orders is expected to support demand for welding-grade liquid carbonic acid, while the expansion of online retail and frozen delivery continues to lift dry ice demand.
However, carbonic gas raw material supply depends structurally on by-product CO2 from refining and petrochemical operations, meaning changes in suppliers' utilization rates directly affect feedstock availability and cost.
The ferroalloy and steelmaking refining agent segment behaves as a typical industrial materials business tied to the operating conditions of domestic steelmakers such as POSCO, moving closely with the steel industry cycle.
The lime and environmental business is linked to industrial infrastructure demand such as pollution prevention, waste solidification treatment, and soft-ground stabilization methods, with growing quicklime demand for foot-and-mouth disease control in agriculture and livestock also cited recently.
In terms of competitive positioning, Taekyung Chemical is said to hold an edge in supply stability over single-plant rivals, operating multiple production sites and securing feedstock from several suppliers including Lotte Chemical, LG Chem, and Hanwha Total.
The company is pursuing stable supply and cost reduction through import substitution of processed lime products such as highly reactive hydrated lime and high-grade quicklime, which has been cited as a key driver of the recent earnings improvement.
New application areas such as pollution prevention, waste solidification treatment, and soft-ground stabilization lime methods are being expanded, with rising quicklime demand for foot-and-mouth disease control in agriculture and livestock also mentioned as a potential growth factor.
In the carbonic gas and dry ice segment, welding-grade liquid carbonic acid demand tied to the shipbuilding order cycle and dry ice demand from cold-chain expansion could both act as favorable tailwinds.
At the group level, media reports have referenced business expansion moves including the acquisition of Lion Chemtech, warranting a check on whether new subsidiaries or overseas business expansion materialize going forward.
Such investment and expansion activity may have contributed to the sharp rise in the 2025 debt ratio versus the prior year, though the specific cause requires confirmation through subsequent disclosures.
Whether the company's 30-year unbroken record of year-end dividends continues will be a key point to watch at each annual dividend disclosure.
The current share price trades below the company's book value per share, placing it in a discounted range relative to net assets.
Historically, over a five-year average, the price-earnings ratio has stood at roughly 9.8 times and the price-to-book ratio at about 0.64 times, and given the recent earnings recovery, it is worth comparing where current levels sit relative to that historical band.
On the dividend side, the company has an uninterrupted 30-year record of year-end dividend payments since listing, and its historical average dividend yield has been described as close to 5%, indicating a relatively solid shareholder return orientation within its industry.
That said, the decline in owner net income in 2025 versus the prior year alongside a sharp rise in the debt ratio shows that consolidated top-line performance and the profit attributable to controlling shareholders do not always move in the same direction.
The clear rebound in owner net income seen in the first half of 2026 provides useful context for interpreting recent valuation metrics.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
The company operates a mix of distinct businesses - ferroalloy supply to POSCO, highway rest area and gas station operations, and environmental lime sales - reducing dependence on any single industry cycle. This structure can provide a buffer where weakness in one segment may be offset by strength in another. The 30-year unbroken record of year-end dividends underscores this stable cash-generating capacity.
Affiliate Taekyung Chemical maintains the No.1 domestic position with roughly 25% share in liquid carbonic acid and 34-35% in dry ice. It benefits from two simultaneous growth drivers - the shipbuilding order upcycle and cold-chain logistics growth.
Multiple production sites and diversified feedstock suppliers are seen as giving it a supply stability edge over rivals.
Both Q1 and Q2 2026 showed sequential improvement in revenue and operating profit, with the Q2 operating margin of about 9.2% marking the highest level in the past five quarters. Combined first-half owner net income already exceeded the full-year 2025 figure. Whether this momentum continues into the second half is a key point to watch.
The 2025 debt ratio rose sharply to 67.6% from 43.3% in 2024, with total liabilities nearly doubling over the same period. This could be related to new investment or financing activity, though the specific background requires further confirmation. The impact of this changing balance sheet on future interest expense or creditworthiness warrants monitoring.
Consolidated net income was a solid KRW 38.5 billion in 2025, but owner net income was only KRW 16.8 billion, down 17.8% year-on-year.
This reflects a growing share of profit allocated to non-controlling interests in subsidiaries; indeed, non-controlling equity grew to KRW 283.2 billion in 2025, approaching owner equity of KRW 307.1 billion.
This structure shows that consolidated revenue and profit growth do not automatically translate into growth in profit attributable to controlling shareholders.
Carbonic gas feedstock depends structurally on by-product gas supply from refiners and petrochemical companies, creating supply instability tied to changes in suppliers' utilization rates.
The ferroalloy segment's performance is driven by the operating conditions of steelmakers such as POSCO and the broader steel industry cycle. The relatively small market capitalization and high controlling shareholder stake (62.02%) also mean limited free float, which is worth factoring in.
The carbonic gas business depends on by-product CO2 supply from refining and petrochemical processes, so a decline in suppliers' utilization rates or facility shutdowns could disrupt feedstock availability.
While tight feedstock conditions can push up product prices, there is also a risk that volume itself becomes constrained. Securing multiple suppliers provides some buffer, but does not eliminate the risk entirely.
The sharp rise in the 2025 debt ratio may be linked to new investment, M&A, or the consolidation of subsidiaries, though the specific cause requires confirmation through future disclosures.
Whether such capital allocation translates into growth in profit attributable to controlling shareholders is an important point to watch. If debt expansion continues, rising interest expense burden cannot be ruled out.
With the controlling shareholder and related parties holding a 62.02% stake, governance is stable, but the multi-layered affiliate structure means a substantial portion of consolidated results accrue to non-controlling shareholders.
Coordinating interests among multiple listed affiliates within the group and intercompany transactions are factors worth monitoring from a minority shareholder perspective.
Discussions around a possible name change or governance restructuring reflecting the company's de facto holding company role have been raised among investors.
The Q3 2026 earnings disclosure will show whether the revenue and profit recovery seen in the first half continues into the second half.
It will be important to confirm the specifics and follow-up disclosures related to the investment or M&A activity behind the sharp rise in the 2025 debt ratio, including matters reported in connection with the Lion Chemtech acquisition.
At the time of the 2026 year-end dividend disclosure, it will be worth confirming whether the 30-year consecutive dividend streak continues and how the payout ratio changes.
It will be worth checking whether welding-grade liquid carbonic acid demand tied to the shipbuilding order cycle and dry ice demand from cold-chain expansion remain sustained.
Taekyung Industrial is the founding company of the Songwon Group, operating a mix of businesses spanning ferroalloys, lime, carbonic gas, zinc, and highway rest areas, and it has shown a clear revenue and owner net income recovery in the first half of 2026.
Its No.1 market position in liquid carbonic acid and dry ice via affiliate Taekyung Chemical, along with a 30-year unbroken record of year-end dividends, point to stability in both its business and capital return policy.
That said, the decline in owner net income in 2025 despite consolidated net income growth, and the sharp rise in the debt ratio in the same year, are changes that warrant close attention.
While the diversified business structure reduces dependence on any single industry cycle, the multi-layered affiliate structure means consolidated results and profit attributable to controlling shareholders do not always move in the same direction.
Going forward, the Q3 earnings release, further clarity on the investment or M&A activity behind the rising debt ratio, and the continuity of the dividend policy will be key points to monitor. This report compiles information based on disclosed data and confirmed facts.
Report written 2026-09-05 · Data as of 2026-09-04
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