OCI Holdings swings to profit with Q3 operating profit of 68 billion won; to cancel 15 billion won in treasury shares

[Financial News] OCI Holdings reported consolidated operating profit of 68 billion won in the third quarter of this year, returning to profitability compared with the same period last year. Improved results in its Malaysian solar-grade polysilicon business and domestic urban development business helped it post profits for four consecutive quarters. OCI Holdings plans to cancel about 15 billion won worth of treasury shares next month and expand investment in its U.S. solar business.
According to OCI Holdings on the 29th, consolidated revenue in the third quarter was 1.062 trillion won, up 25.7% from the same period last year. Operating profit swung from a loss of 53.3 billion won in the same period last year to a profit of 68 billion won.
OCI TerraSus, the Malaysian subsidiary, turned its operating profit positive for the first time this year as sales of solar-grade polysilicon increased. It signed a long-term supply contract with a new U.S. customer in the second quarter, and has secured buyers through 2029 for its annual production capacity of 35,000 metric tons under contract.
Neo Silicon Technologies, OCI TerraSus’s indirect subsidiary and a Vietnamese wafer manufacturer, is in the process of obtaining quality certification from customers serving the U.S. market and shipping initial volumes. It plans to complete the conversion to dedicated production lines for each customer within the year and begin full-scale commercial production in the first quarter of 2027.
OCI Energy, the U.S. solar development subsidiary, is pursuing the sale of an additional 250 MW project within the year, following the sale of the 500-megawatt (MW) Lasaye project in the second quarter. If the additional sale is completed, the related earnings are expected to be reflected in fourth-quarter results.
OCI Holdings Chairman Lee Woo Hyun said, “Building on a total 8 GW project pipeline that OCI Energy has secured, centered on Texas—including 4.8 gigawatts (GW) of solar power and 3.2 GW of energy storage systems (ESS)—and a differentiated supply chain of non-prohibited foreign entities (Non-PFE), we will expand investment in the solar business and proactively respond to changes in global supply chains.”
DCRE, a domestic urban development project developer, also contributed to the improved results. City O'Ciel Complex 9 in Michuhol-gu, Incheon (1,949 households), went on sale and began construction in the third quarter, while progress on construction at previously marketed complexes boosted revenue and profit.
OCI Holdings plans to cancel 74,160 treasury shares worth about 15 billion won, which it bought this year, on November 5. The cancellation will conclude its treasury share buyback and cancellation program, worth a total of 85 billion won, which it has pursued since 2024. OCI Holdings also plans to buy back and cancel treasury shares worth a total of 50 billion won by 2029, with the goal of returning at least 50% of its standalone net income to shareholders.

[email protected] Kim Mi-hee Reporter