KIB Plug Energy's 3Q Cumulative Sales Reach 96.4 Billion KRW... "Heat Exchanger Boom, New Business Steadily on Track"

KIB Plug Energy announced on the 13th that its cumulative sales for the third quarter increased by 34.56% year-on-year to 96.4 billion KRW. Operating profit for the same period was 9.3 billion KRW, and net profit was 15.4 billion KRW.

Growth was also observed on a separate three-month basis. Sales reached 31 billion KRW, a 10% increase compared to the same period last year. Operating profit and net profit were 1 billion KRW and 3.6 billion KRW, respectively.

The favorable business environment of the existing heat exchanger division led to the strong performance. The company explained that high-profit projects are possible due to high oil prices, and large-scale orders from the Middle East and other regions are continuing ahead of the year-end. As of the end of the third quarter, the order backlog for the heat exchanger division was approximately 112.5 billion KRW, and the annual order amount is expected to reach 130 billion KRW.

The newly entered hydrogen business has also entered a stable trajectory. Currently, three fuel cell power generation projects and one hydrogen production project are underway. In September, the company signed a business agreement with Wooseok ENC, KEPCO Power Tech, and the Korea Institute of Advanced Technology for the hydrogen production project. Subsequently, to enter the hydrogen fuel power generation business, the company invested in Ulsan Hydrogen Power Generation No.1 Co., Ltd., transforming itself into a green energy total solution company centered on hydrogen energy.

KIB Plug Energy stated, "With both stability and growth, retained earnings turned positive after 19 quarters, significantly improving financial soundness," adding, "This is a visible achievement following the change of the largest shareholder in July and the inauguration of new management, including CEO Heo Seong-ho."

They continued, "We plan to secure distributable profits through retained earnings accumulation in the future," emphasizing, "We will actively communicate with the market about the progress of individual projects in the new business division through the company website and other channels."

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