PSTech Posts 3.4 Billion KRW Operating Profit in H1, Up 51% Year-on-Year

PSTech announced on August 13 that, on a consolidated basis for the first half of the year, it recorded sales of 55.7 billion KRW and operating profit of 3.4 billion KRW, representing year-on-year increases of 37% and 51%, respectively.

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The main factors behind this growth were the stable expansion of the security meter and gas meter divisions, as well as increased sales in the renewable energy (solar power) business. In particular, operating profit saw a significant improvement due to a combination of factors: the execution of large-scale renewable energy projects, changes in the sales composition by business division, and ongoing cost reduction efforts.

PSTech is accelerating the acquisition of new growth engines, focusing on its core metering business while expanding into renewable energy, eco-friendly switchgear, and overseas markets. Notably, in addition to supplying its existing switchgear to Korea Electric Power Corporation, the company expects to begin full-scale delivery of its newly developed eco-friendly switchgear starting next year. To support this, PSTech secured an additional new factory of approximately 6,600 square meters near its Naju plant early last year to expand production capacity.

Furthermore, to respond to increased demand for gas meters, the company has completed the expansion of the production line at its Gwangcheon plant. Recently, PSTech also signed a strategic memorandum of understanding (MOU) with Goldcard, a global leader in smart gas meters, as part of efforts to further strengthen the competitiveness of its core businesses.

Hwang Jaeyong, CEO of PSTech, stated, "Despite challenging conditions such as an uncertain outlook for downstream industries and a high exchange rate, we were able to achieve meaningful results by securing new customers, diversifying raw material suppliers, and expanding our renewable energy business. Thanks to the concerted efforts of all our employees, our performance has entered a clear upward trajectory over the past two to three years, and we expect positive results in the second half of the year as well."

He added, "While further solidifying the competitiveness of our core businesses, we are also expanding our mid- to long-term foundation for sustainable growth through strategic investments aimed at diversifying our business portfolio and by strengthening organizational capabilities."

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