KIB Plug Energy "Last Year's Net Profit 14.3 Billion Won... Highest Since 2009"

KIB Plug Energy announced on the 1st that its consolidated sales last year increased by 29.88% compared to the previous year, reaching 137.3 billion KRW. Operating profit for the same period was 12.9 billion KRW, and net profit was 14.3 billion KRW, marking the highest performance since 2009. Profit from continuing operations before income tax expense was 16.3 billion KRW, a 56.56% increase from the previous year.

The improvement in the chemical business sector, which is the existing business, and cost reduction through business efficiency led to the growth in performance. In particular, since the export ratio of heat exchangers is high, profitability improved due to the rise in exchange rates.

The company stated, “We expect a significant increase in performance growth as large-scale orders related to oil fields and refineries in the Middle East region are also anticipated,” adding, “We will also increase the proportion of orders for high value-added product groups to enhance profitability.”

They continued, “The newly entered eco-friendly energy business is also stabilizing on track,” emphasizing, “We will utilize the know-how accumulated in the production and operation of heat, fluid, and energy management devices in future new businesses as well.”

Meanwhile, KIB Plug Energy has also ventured into new businesses such as secondary batteries and hydrogen energy based on the stability of its existing business. In September last year, it acquired Beomhan Motors, a company specializing in electric and hydrogen buses, and on the 19th of last month, it purchased a site in Ulsan for the hydrogen fuel power generation business.

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