In 2018, SK chemicals improved management performance over the previous year thanks to increased sales in our core businesses. Notably, SK life science’s pharmacy (Pharma), vaccine (SK bioscience) and plasma-derived biotherapy (SK plasma) businesses are all in the black. Improved operational efficiency of the pharmaceutical business and export of vaccine technology greatly contributed to such achievements. However, the performance of Green Chemicals business was disappointing due to a rapid increase in raw material costs, new difficulties facing the business, and fierce competition abroad.
For the past few years, many changes were made to SK chemicals. Our company was divided into SK discovery, the holding company, and SK chemicals, which handles businesses. SK bioscience and SK plasma were separated from SK chemicals and the acquisition of SK Petrochemical took place. The Andong Plant began manufacturing vaccines and plasma-derived products and facility supplementation of the aged Ulsan Plant is almost complete. Together with such investments and outstanding management, SK chemicals will be able to continue its growth. Because of these positive results, we have established challenging management objectives for 2019.
These are not easy tasks, but we are committed to achieving them by maximizing revenues of our major businesses via management optimization and by enhancing the operation of and increasing sales in businesses that have received new investments. Moreover, we will realize the full potential of low-growth businesses; and for businesses facing limitations, we will switch to a more appropriate approach to running them.
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