SK Hynix: record figures in the third quarter, net profit up 216 per cent to 39,775 billion won

(Il Sole 24 Ore Radiocor) - SK hynix, a major South Korean chipmaker based in Icheon, reported a sharp rise in profits for the third quarter in its quarterly results, which were eagerly awaited by the markets, driven by explosive demand for its advanced artificial intelligence chips, despite constraints on production capacity.

The group, which supplies the American semiconductor giant Nvidia in particular, recorded a 216 per cent year-on-year increase in net profit, reaching 39,775 billion won (29.9 billion dollars) in the July–September period.

SK hynix’s operating profit and turnover have reached new quarterly records.

Operating profit rose by 632 per cent year-on-year, reaching 83,334 billion won (62.8 billion dollars) in the period under review, whilst turnover exceeded 100,000 billion won for the first time, reaching 104,615 billion won (78.82 billion dollars).

SK hynix has also announced a new share buyback scheme aimed at returning 60,000 billion won to its shareholders, following an initial scheme worth 40,000 billion won. Investors welcomed this announcement and the group’s performance, driving the share price up by 10.89 per cent and the Kospi index by 6.63 per cent at the close.