Daehan Electric Wire & Cable Surpasses 3 Trillion KRW in Sales... Operating Profit Exceeds 110 Billion KRW, Record-Breaking Performance

Daehan Electric Wire announced on the 5th that it achieved provisional consolidated results for last year with sales of 3.282 trillion KRW, operating profit of 114.6 billion KRW, and net profit of 73 billion KRW.

This is the first time in 13 years since 2011 that sales have surpassed 3 trillion KRW. Operating profit exceeded 110 billion KRW for the first time since 2007, marking the highest performance in history. Sales increased by 15.4% from 2.844 trillion KRW in 2023, and operating profit rose by 43.6% from 79.8 billion KRW. Net profit grew by 1.6% from 71.9 billion KRW the previous year.

Exterior view of Daehan Electric Wire Dangjin Plant. Photo by Daehan Electric Wire

원본보기 아이콘

The company explained that this performance is significant because it was achieved solely through its core Cable & Solution business. Around 2010, Daehan Electric Wire had many non-core affiliates in construction, telecommunications, and other sectors, but it is now focusing solely on cable-related businesses and showing growth.

Meanwhile, it appears that increased new orders and sales in global markets such as the United States, Europe, and Asia have driven the performance. In fact, Daehan Electric Wire secured approximately 730 billion KRW in new orders in the U.S. alone last year and succeeded in winning orders not only for the 500kV ultra-high voltage alternating current (HVAC) cable system, designated as a national core technology, but also for the ultra-high voltage direct current (HVDC) cable system, regarded as next-generation power technology.

The company also stood out in the European market. It won major projects in markets requiring high technical skills such as the United Kingdom and Sweden, and secured mega project opportunities in Singapore, achieving new orders worth 1.7 trillion KRW in the fourth quarter alone last year.

A Daehan Electric Wire official said, "Power infrastructure investment is expanding mainly in the U.S. and Europe, where our company is strong," adding, "We will continue the upward trend in performance by pioneering new markets and diversifying our product portfolio using global local subsidiaries and branches." He emphasized, "We will establish a foundation for sustainable growth and continuously increase corporate value through securing global production bases and expanding orders for strategic products such as submarine cables and HVDC cables."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.