[Public Notice+] CS Wind Reports Q2 Revenue of 240.6 Billion KRW... Highest Quarterly Sales Ever

[Asia Economy Reporter Eunmo Koo] CS Wind announced on the 6th through a public disclosure that its consolidated financial statements for the second quarter of this year showed provisional sales and operating profit of 240.6 billion KRW and 21.5 billion KRW, respectively. These figures represent increases of 0.4% and 70.0% compared to the same period last year.

Sales recorded the highest quarterly figure ever, and the operating profit margin rose by 3.6 percentage points from 5.3% to 8.9%. The cumulative performance for the first half of the year showed sales of 421.6 billion KRW and operating profit of 37.7 billion KRW, increasing by 1.7% and 43.9% respectively compared to the same period last year.

A company official explained, “Systematically establishing production subsidiaries by country to flexibly respond to protectionism and proactively investing to meet expanding market demand are analyzed as the driving forces behind both volume growth and profitability improvement.”

The company views the U.S. anti-dumping issue as an opportunity for CS Wind. As U.S. shipments shifted from the Vietnam subsidiary to the Malaysia subsidiary, the Malaysia subsidiary recorded a high profit margin in the second quarter, while the Vietnam subsidiary achieved its highest-ever productivity by combining expansion effects with secured order capacity.

The annual target is also progressing smoothly. Recently, total orders surpassed 600 million USD, achieving 90% of this year’s target ahead of schedule. In particular, major production subsidiaries including the Vietnam subsidiary nearly fulfilled 100% of their annual targets. Through a steady strategy of diversifying demand sources, the proportion of new customers such as Nordex-Acciona and Goldwind has also significantly increased.

CS Wind is expected to continue growing in a favorable market environment in the second half of the year. Ahead of the post-COVID era, announcements such as Korea’s ‘Green New Deal,’ the European Union (EU)’s ‘European Green Deal,’ and U.S. Democratic presidential candidate Joe Biden’s ‘2035 Carbon Emission Zero’ power system have raised positive prospects for CS Wind, the global No.1 wind tower company.

In particular, CS Wind has supplied about 50 towers domestically, including Jeju, Gangwon, and Gyeongbuk, annually through its China and Vietnam subsidiaries. Considering the trend of wind towers becoming larger and heavier, CS Wind is expected to directly benefit from the Green New Deal policy as the only company in Asia capable of constructing high-capacity offshore towers.

A company official emphasized, “CS Wind has continuously strengthened the capabilities of its overseas subsidiaries, and accordingly, it is estimated that the global market share will reach around 16% by the end of this year. We will solidify our position as the world’s No.1 wind tower company through a global network built on excellent product quality, price competitiveness, and trust.”

This content was produced with the assistance of AI translation services.