EWK "Kiwiplus Achieves Record-High Q1 Performance... Surpasses Last Year's Sales"

[Asia Economy Reporter Hyunseok Yoo] EWK announced on the 13th that its subsidiary KiwiPlus has recorded its highest-ever performance.

KiwiPlus's first-quarter sales reached 30.2 billion KRW, surpassing last year's total sales of 27.7 billion KRW. Operating profit and net profit turned positive, recording 500 million KRW and 400 million KRW respectively.

The company explained that the rapid sales growth was possible as the sales of kids' phones, which were limited to LG Uplus last year, expanded to KT. Based on this growth trend, the sales target for this year has been revised upward compared to the business plan.

It also announced that it will begin initial mass production of Kebbi, an AI (artificial intelligence)-based AI home robot, in June to further accelerate sales growth.

A company official said, "The domestic robot market is mostly focused on industrial robots, but demand and interest in AI functions that help improve convenience in daily life and quality of life are increasing. The activation of the personal robot market is expected."

Meanwhile, the parent company EWK also reported continuous improvement in orders. The company is in charge of the design for the Nigeria LNG Train 7 (LNG terminal) project from the global LNG/pump manufacturer Nikkiso, and if the project proceeds as planned, it is expected that production orders worth about 1 billion KRW will be placed by the end of this month.

EWK said that since the third quarter of last year, it has overcome the impact of the COVID-19 pandemic and that order status is on an upward trend. The order backlog, which was 4.3 billion KRW at the end of the third quarter last year, reached 8.782 billion KRW as of the end of the first quarter.

The company cited the resumption of geothermal power generation and LNG/chemical plant construction projects, which were canceled or postponed due to the COVID-19 pandemic, as the cause of the increase in orders. It also forecasted that this trend will continue for the time being due to the recovery of the shipbuilding industry, a related upstream industry, and the global activation of eco-friendly renewable energy sectors.

A company official stated, "Remarkable growth in sales is expected this year due to the recovery of orders in the core business and the sales growth of the subsidiary KiwiPlus."

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