Seoul Semiconductor saw its operating income for the third quarter of 2020 rise 111.7% year over year.
The company posted 25.4 billion won in operating income and 331 billion won in sales during the quarter.
It was also a sales increase of 16.8% year over year and its highest quarterly sales ever, Seoul Semiconductor said.
LG InnoTek’s exit of LED business, which led to Seoul Semiconductor becoming the replacement supplier for LED used as backlight units of liquid crystal display (LCD) TVs made by LG, spurred the growth.
Demand TVs expanded in the third quarter from easing of lockdown measures globally following the earlier spread of the COVID-19 pandemic.
According to market research firm Omdia, TV shipment increased 3.8% year over year in the third quarter to 568.8 million units.
Seoul Semiconductor’s LED is account for 80% of LED used in LCD TV by LG Electronics this year from the 30% of last year.
Taiwanese LED maker Epistar is also supplying its modules to LG Electronics but lowered-tier TV models.
LG InnoTek’s LED accounted for 70% of the supply to LG Electronics last year. The component maker has since then halted its LED production.
Seoul Semiconductor said its WICOP technology, which LED modules can be put on substrates without additional components, was instrumental to its growth.
The company saw it also saw more automobiles and displays with its WICOP technology applied in the third quarter compared to the previous quarter.
It was also producing its LED in South Korea, the US, Vietnam and China which allows for a stable supply, Seoul Semiconductor said.
The company has also previous touted WICOP technology as being a key technology for miniLED and microLED panels.
Meanwhile, Seoul Semiconductor is expected to post 300 billion won to 320 billion won in sales, it sad, a rise of 7 to 14% year over year.