[비즈한국] Samchully004690 Group affiliate Samchully ES has established a subsidiary, Greentech Namyang. It appears that Greentech Namyang will engage in resource circulation-related businesses. Samchully ES has recently shown interest in the resource circulation sector, but its performance has been poor. Attention is focused on whether Greentech Namyang will serve as a catalyst for a performance turnaround.
According to BizHankook's coverage, Samchully ES established the subsidiary Greentech Namyang this June. Samchully Co., Ltd. holds a 100% stake in Samchully ES, and Samchully ES holds a 100% stake in Greentech Namyang. In other words, the governance structure follows a chain of 'Samchully Co., Ltd. → Samchully ES → Greentech Namyang'.
Samchully ES is a company specializing in energy and environmental solutions. It operates in various sectors, including fuel cells, air conditioning, renewable energy, and resource circulation. The newly established Greentech Namyang appears to be intended to strengthen the company's resource circulation business. According to the corporate registry, the business objectives of Greentech Namyang include designated waste treatment, designated waste collection and transportation, general waste intermediate treatment, general waste collection and transportation, and waste-related e-commerce. Hyun Woon-sik, Head of the Environmental Business Division at Samchully Co., Ltd., has been appointed as the representative of Greentech Namyang.
Samchully ES's resource circulation business is currently handled by its subsidiaries, Shinseung Energy and Cheongju Green Energy. However, the recent performance of Samchully ES's resource circulation business has been lackluster. According to audit reports, Shinseung Energy's revenue dropped by 15.42% from 11.1 billion KRW in 2023 to 9.4 billion KRW in 2024, and its operating profit plummeted by 58.67% from 3.6 billion KRW to 1.5 billion KRW during the same period.
Shinseung Energy operates eco-friendly resource circulation facilities. It produces steam and electricity by utilizing the heat generated during the incineration of industrial waste and supplies this energy to nearby industrial companies.
Samchully ES's other subsidiary, Cheongju Green Energy, also saw poor performance last year. Cheongju Green Energy utilizes unused waste heat generated from regional incineration facilities near Cheongju to supply energy to companies located in the Cheongju Industrial Complex. Its revenue fell by 25.84% from 8.1 billion KRW in 2023 to 6.0 billion KRW in 2024, while its operating profit decreased by 36.37% from 1.6 billion KRW to 1.0 billion KRW during the same period.
Samchully ES is expected to strengthen its resource circulation business through Greentech Namyang. A Samchully Group official stated, "Greentech Namyang intends to prepare for resource recycling-related business," but added, "Specific business plans are still under review." All eyes are on whether Greentech Namyang can turn around the recently sluggish performance of Samchully ES's resource circulation business.