Surpasses Hyundai Motor Group in Terms of Assets
SK Group has surpassed Hyundai Motor Group to become the second-largest business conglomerate in Korea in terms of assets.
The Fair Trade Commission announced on April 27 that it has designated 76 large business groups with assets exceeding 5 trillion won as corporate groups subject to public disclosures. Among them, 47 groups with assets exceeding 10 trillion won were designated as corporate groups subject to restrictions on cross-shareholdings.
SK Group’s total assets amounted to 291.97 trillion won in 2022, a significant increase from 239.53 trillion won in 2021. The asset growth was driven by an increase in semiconductor sales, the establishment of subsidiaries and the growth of the oil business. SK Hynix’s assets rose by about 20.90 trillion won due to the acquisition of the NAND business division from Intel. The establishment of SK On, SK Earthon, and SK Multi Utility and other subsidiaries boosted SK Group’s assets by 7.9 trillion won. The assets of SK Innovation and its subsidiaries rose by 6.2 trillion won on an improvement in its oil business. SK Group also increased its assets by 2.9 trillion won through the listing of affiliates such as SK Bioscience.
Samsung Group retained the top spot with assets of 483.92 trillion won, while Hyundai Motor Group fell from second to third place with 257,85 trillion won. LG Group maintained fourth place with 167.50 trillion won, and Lotte fifth place with 121.59 trillion won.
Of note was the strong growth of ICT, shipping and construction companies. Kakao’s total assets rose from 19.95 trillion won in 2021 to 32.22 trillion won in 2022, rising from 18th to 15th place. The asset expansion was mostly attributable to the initial public offerings of Kakao Bank and Kakao Pay.
Naver’s total assets increased from 13.58 trillion won in 2021 to 19.22 trillion won, elevating the Korean internet business company from 27th to 22nd.
Meanwhile, Dunamu, which operates Upbit, the No. 1 cryptocurrency exchange in Korea, was included among corporate groups subject to restrictions on cross shareholdings. Dunamu’s assets exceeded 10 trillion won.