[TRANSLATION NOTE] Based on the company name, SK oceanplant Co., Ltd. appears to be engaged in ocean-related plant/facility engineering or construction, likely specializing in offshore or marine infrastructure projects. The company operates under the SK Group umbrella. Specific business segment details are not provided in the available financial filing data. Additional Korean-language disclosures would be needed to provide precise segment breakdowns and operational details.
SK oceanplant is experiencing significant financial headwinds. Revenue declined sharply to KRW 662.6 billion in 2024 from KRW 925.8 billion in 2023, representing a 28.4% year-over-year contraction. This follows relatively stable revenue of KRW 691.8 billion in 2022.
Profitability deterioration is even more pronounced. Operating profit fell 44.7% to KRW 41.8 billion in 2024 from KRW 75.6 billion in 2023. The operating margin compressed from 8.2% (2023) to 6.3% (2024), suggesting pricing pressure or cost inflation challenges. Net income dropped 70.7% to KRW 16.9 billion in 2024 from KRW 57.5 billion in 2023, indicating disproportionate pressure below the operating line.
The balance sheet remains relatively healthy with total assets of KRW 1,422 billion against total liabilities of KRW 708.4 billion, yielding a debt-to-equity ratio of approximately 99% (down slightly from 105% in 2023). However, non-current assets increased to KRW 833.9 billion from KRW 677.1 billion, while current assets dropped to KRW 588.1 billion from KRW 754.8 billion, suggesting capital is being tied up in longer-term projects while working capital tightens.
[TRANSLATION NOTE] Ownership structure details including controlling shareholder identity and foreign ownership percentage are not included in the provided balance sheet and income statement extracts. Korean DART filings typically disclose this information in separate sections (주식소유현황) not present in this dataset.
Revenue concentration and project cycle risk: The 28.4% revenue collapse in a single year suggests heavy reliance on lumpy project awards typical of engineering and construction businesses. The company appears vulnerable to fluctuations in offshore project tendering cycles and client capital expenditure decisions.
Working capital deterioration: Current assets fell KRW 166.7 billion (22.1%) while current liabilities declined only KRW 68.4 billion, shrinking the working capital cushion. Combined with rising non-current assets, this indicates potential cash conversion challenges from long-dated projects, raising liquidity concerns despite manageable absolute debt levels.
SK oceanplant presents a value trap scenario where attractive market capitalization (KRW 1,379 billion, roughly 1.9x book value) masks fundamental deterioration in revenues, margins, and working capital dynamics within a cyclical marine infrastructure industry.
⚠️ This profile is AI-generated from DART filings. Quantitative data is reliable. Qualitative summaries should be verified against original Korean filings for investment decisions.