Changhae Ethanol

창해에탄올 · 004650

Consumer Staples Food & Beverage · KOSDAQ

Small-cap

Market cap US$61.4M (₩84.7B)

Overview

Changhae Ethanol produces industrial-grade ethanol, a purified alcohol used across food, pharmaceutical, and industrial applications, as its core business, listed on KOSDAQ, Korea's small-cap and technology board.

Its products supply manufacturers and industrial buyers who require high-purity alcohol as an ingredient or processing material. Beyond ethanol, the company operates through four additional business units covering steam energy supply, construction engineering, tapioca trading, and animal-feed manufacturing, making ethanol the dominant but not sole revenue driver.

Summary is AI-generated and may contain errors · figures from DART filings

Financials

Source: DART · FY ending Dec · latest FY2025

Revenue · FY2025

US$88.7M

▼ −11.0% YoY

Operating profit · FY2025

US$11.5M

▼ −8.6% YoY

Net income · FY2025

US$9.5M

▲ +5.2% YoY

Revenue, operating profit and net income by fiscal year (USD; KRW in parentheses).
Metric	FY2023	FY2024	FY2025
Revenue	US$84.4M(₩116.4B)	US$99.6M(₩137.5B)	US$88.7M(₩122.3B)
Operating profit	US$10.6M(₩14.6B)	US$12.6M(₩17.4B)	US$11.5M(₩15.9B)
Net income	−US$2.7M(−₩3.7B)	US$9M(₩12.4B)	US$9.5M(₩13.1B)

Revenue

FY2023US$84.4M
FY2024US$99.6M
FY2025US$88.7M

Operating profit

FY2023US$10.6M
FY2024US$12.6M
FY2025US$11.5M

Net income

FY2023−US$2.7M
FY2024US$9M
FY2025US$9.5M

Key ratios (FY2025)

ROE

9.0%

Debt/Eq

33.6%

Op. margin

13.0%

Net margin

10.7%

Rev. YoY

▼ −11.0%

Why it matters

The company operates through named subsidiaries including Wuri Energy, Changhae ENG, Changhae Vietnam JSC, and PT Organic Feed Indonesia, giving it a multi-country, multi-segment corporate structure.

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