Bitsrosis "Acquisition Target HLB Elec Shows Clear Growth in Sales and Profitability"

Global smart city solution company Bitsrosis (CEO Ki-jae Lee) announced on the 8th that HLB Elec, which it is in the process of acquiring, has shown sales growth over the past three years and that the performance growth is expected to continue this year as well.

A company official stated, “HLB Elec has achieved continuous growth and profit realization, recording sales of 10.4 billion KRW, 11.8 billion KRW, and 17.3 billion KRW respectively from 2020 to last year,” adding, “HLB Elec is projected to have sales of approximately 18 billion KRW and operating profit of 2.3 billion KRW this year, and in 2024, sales of 25 billion KRW and operating profit of 3 billion KRW domestically, showing a clear growth trend in the future.”

HLB Elec, whose acquisition contract was announced by Bitsrosis yesterday, is a specialized company with over 40 years of experience in industrial automation and logistics hub automation construction. The two companies plan to officially collaborate after completing the acquisition on January 2, 2024. They will also actively cooperate in infrastructure construction and telecommunications market entry related to the relocation of the Indonesian capital, a project currently being undertaken by Bitsrosis.

Bitsrosis has executed numerous primary contracts for national institutions such as Korea Electric Power Corporation, Korea Railroad Corporation, and Korea Hydro & Nuclear Power. The company has experience in projects such as the 12 billion KRW Songsan Green City East District Smart City project and the modernization of Garak Market, which provides the advantage of being able to build integrated solutions for facilities such as factories and logistics hubs within complexes through business cooperation with HLB Elec, not only in infrastructure.

A Bitsrosis official said, “Since HLB Elec’s major clients include top-tier domestic construction companies and large corporations, we expect that business cooperation will help achieve stable performance by diversifying the market.”

Meanwhile, based on stable growth, HLB Elec is focusing on additional investment and technology development, strengthening business competitiveness and external audits, and is also considering an IPO in 2026.

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