Saedong: Quarterly Earnings Improve but Management Dispute Risk Emerges
Consolidated: Revenue KRW 52.7B, Operating Profit KRW 3.1B (YoY +26% revenue, +49% OP), Net Income KRW 4.3B (+41%)
Separate: Revenue KRW 50.5B, Operating Profit KRW 3.3B (+29%, +77%), Net Income KRW 2.6B (+71%)
New US subsidiary Saedong America established (100% stake) for global expansion
Credit rating BB maintained, debt-to-equity ratio at high 215%
Management dispute: minority shareholders (Yoon and 10 others) filed for injunction to inspect books and request for extraordinary general meeting (May 6 and 11, 2026)