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SK Group has secured second place in South Korea’s Fair Trade Commission (FTC) list of biggest companies in terms of assets. It was previously the third-largest chaebol in the country, but it outpaced Hyundai Motor Group and took over the no. 2 spot.
According to The Korea Times, the FTC released the new ranking on Wednesday, April 27, and it showed SK Group surpassing the automaker. The company’s rapidly growing chip and electric battery business were said to be the main reason for the growth that, in turn, pushed it up in the ranking.
Based on the report titled "Status of Designation of Business Groups Subject to Disclosure in 2022," which was released by S. Korea’s antitrust regulator, SK Group has total assets worth ₩291 trillion as of the end of 2021. The total showed a growth of around ₩52 trillion or 21.9% from the year 2020.
Also, SK Group’s number of affiliates has increased, and it is now 186 compared to 150 last year, which shows a gain of 36 new units. In the same period, it was reported that Hyundai Motor Group's assets are at ₩257.845 trillion, up by ₩11 trillion or 4.3% from the previous year. For the carmaker’s affiliates, the number stood at 57, with just four new additions.
"SK has risen to second place in terms of total assets for the first time due to increased semiconductor sales, new establishments following physical division, and growth of the oil business," the Korean anti-trust agency stated.
As per Korea Joongang Daily, the ranking among the top five companies has not changed since 2010; thus, SK Group’s move up by one rank higher was a first in more than two decades.
While the conglomerate company founded by Chey Jong Gun has improved its position, Samsung Group at no. 1 remained unchanged with total assets of ₩483.9 trillion or around $387 billion, which is up by 5.8% from the list in 2020.
Meanwhile, the Fair Trade Commission has also added eight new companies to the list, and they are targeted for disclosure as per the report. These firms include Dunamu, Boseong, Krafton, Nongshim, KG, Iljin, Shinyoung, and OK Financial Group.
