Recently, data released by Elentec, a South Korean supplier to KT&G, has shown that while their primary business of manufacturing smartphone casings has slowed down, they have achieved good results through their new ventures in non-combustible heating devices.
Elentec's sales revenue and operating profit in 2022 were 997.7 billion Korean won ($777 million) and 82.8 billion Korean won ($63.96 million), respectively, representing an increase of 30.7% and 142.2% from the previous year. The company's heating non-combustion business experienced rapid growth over the past two years, currently accounting for 31% of its revenue.
According to reports, Elentec is a South Korean company that previously produced batteries and has since transitioned to producing heated non-combustion devices in 2020. They recently signed a supply contract worth 369.3 billion Korean won ($280 million) with KT&G. On the day of the signing, Elentec's stock price soared to nearly 25,000 Korean won ($19.3), and it is currently trading around 13,900 Korean won ($10.7).
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