Gaon Cable, Records Highest Ever Sales Last Year... "Strengthening Localization Capabilities in the US"

Sales Reach 1.6469 Trillion KRW, Up 10% Year-on-Year
Increase in North American Power Cable Exports Drives Growth
LSCUS to Become Subsidiary by End of January
Expansion of Overseas Business Focused on North America

Gaon Cable, a subsidiary of LS Cable & System, announced on the 20th that it has tentatively recorded sales of 1.6469 trillion KRW, operating profit of 45 billion KRW, and net profit of 25.5 billion KRW last year.

Gaon Cable Gunpo Factory Exterior View

Sales increased by 10% compared to the previous year, marking the highest level since the company's establishment in 1947. Operating profit rose by 3% year-on-year, and net profit increased by more than 40%. Both sales and operating profit have set record highs for five consecutive years since 2019.

Gaon Cable explained the background of these results, stating, "The main factors are the increase in power cable exports to the North American region and the reflection of the performance of G&P, which was incorporated as a subsidiary in October last year."

Gaon Cable plans to secure 100% ownership of LSCUS, a distribution cable manufacturing corporation located in Tarboro, North Carolina, USA, by the end of this month. In line with this, the company aims to strengthen its localization capabilities in the US and actively respond to the growing global demand for power infrastructure. It plans to expand its business centered on the renewable energy market, such as solar power plants in the US, and also extend its reach into the power grid and plant sectors. Additionally, based on technical cooperation with LS Cable & System, it intends to strengthen its ultra-high voltage cable business and newly enter the submarine cable market.

Jung Hyun, CEO of Gaon Cable, stated, "2025 will be the first year to expand the North American market and diversify our portfolio, and we will strengthen our global competitiveness."

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