Operating profit at KOSPI-listed companies in the third quarter of this year rose by more than 30% from the previous quarter, indicating a sharp improvement in results. However, unlike export-oriented companies such as semiconductors, domestic-demand companies remain sluggish, and KOSDAQ firms saw operating profit retreat from the previous quarter, making the polarization among domestic listings more pronounced.

According to third-quarter earnings statistics for fiscal-year companies on the Main Board·KOSDAQ released by the Korea Exchange on the 18th, cumulative operating profit for KOSPI listings (consolidated basis for 639 companies, excluding financials and firms with adverse audit opinions) came to 179.5678 trillion won, up 15.01% year on year. Revenue was 2,299.1183 trillion won and net profit 152.3269 trillion won, improving 5.44% and 25.80%, respectively, over the same period.

In particular, results improved markedly compared with the previous quarter. Quarter on quarter, revenue rose 2.7%, while operating profit (33%) and net profit (55.5%) increased by more than 30%. The operating margin (8.83%) and net margin (7.84%) also rose by 2.01 percentage points and 2.66 percentage points, respectively, from the previous quarter. Earlier, the KOSPI surged past 4,000 points on ‘earnings expectations’ for major listings, and the actual results of KOSPI-listed firms can be seen as providing some support.

By industry, divergences remained wide. The ‘Electrical·Electronics’ sector, which groups nuclear power·power·secondary battery·semiconductor companies linked to artificial intelligence (AI), saw cumulative operating profit through the third quarter improve 19.05% year on year and net profit 39.33%. Versus the previous quarter, operating profit jumped 75.58% and net profit 93.98%, showing pronounced improvement in the third quarter.

By contrast, typical domestic-demand sectors such as entertainment·culture, textiles·apparel, and food·beverages·tobacco posted single-digit growth or contraction in cumulative operating profit this year, with net profit down from a year earlier. Even among exporters, transport equipment·parts, including autos hit by tariffs, saw operating profit (-3.76%) and net profit (-5.37%) retreat year on year.

A performance gap also emerged between the KOSPI, which has many large companies, and the KOSDAQ, which is populated by small and venture firms. KOSDAQ companies recorded cumulative increases of 9.74% in operating profit and 16.59% in net profit year on year this year. On a quarterly basis, however, revenue (-1.38%) and operating profit (-4.67%) fell from the previous quarter, and the operating margin also declined by 0.15 percentage points. Net profit jumped 208.51%, but unlike KOSPI listings, the underlying operating strength weakened.

By stock, Hanwha Ocean posted a 1,236.16% increase in operating profit this year, highlighting strong gains in shipbuilding. For cumulative operating profit through the third quarter, SK hynix (28.0368 trillion won), Samsung Electronics (23.5274 trillion won), and Korea Electric Power (11.5414 trillion won) ranked near the top, while Samsung SDI (-1.4232 trillion won), Lotte Chemical (-509.6 billion won), and L&F (-239.3 billion won) in secondary batteries and chemicals recorded the largest operating losses.

On a quarterly basis, however, the secondary battery space showed improvement, with LG Energy Solution posting a 42,912.09% quarter-on-quarter surge in operating profit and POSCO Future M up 8,521.21%. By contrast, SK Telecom (-85.68%), which suffered a hacking incident, and Shinsegae Food (-87.49%) saw results fall from the previous quarter.

Quarterly operating profit was highest at Samsung Electronics (12.1661 trillion won), followed by SK hynix (11.3834 trillion won) and Korea Electric Power (5.6519 trillion won). SK hynix increased operating profit by 23.56% from the previous quarter, while Samsung Electronics rose 160.18%, making the improvement at Samsung stand out. Those with the lowest operating profit were Samsung SDI (-591.3 billion won), Lotte Chemical (-132.6 billion won), T’way Air (-95.5 billion won), and AK Holdings (-55.8 billion won).

Among financial sectors, cumulative operating profit growth this year was highest in the order of securities (32.13%), financial holding companies (1.93%), regional banks (-1.91%), and insurance (-2.95%).