[Public Notice+] Jogwang ILI "Operating Profit of 3.9 Billion KRW in H1... Up 208.5% YoY"

[Asia Economy Reporter Yoo Hyun-seok] Jogwang ILI announced on the 15th that it achieved its highest-ever performance (provisional) in the first half of this year since its establishment.

According to the provisional operating performance disclosed by Jogwang ILI on the day, sales in the first half amounted to 16.8 billion KRW, an increase of 57.9% compared to the same period last year, and operating profit was 3.9 billion KRW, up 208.5% year-on-year. This performance was achieved despite the prolonged COVID-19 crisis causing domestic economic stagnation and restrictions on normal business activities.

Jogwang ILI has succeeded in continuous R&D investment and quality improvement efforts, including ▲development of the country's first Balanced Bellows Type Safety Relief valve ▲localization of main steam safety valves for nuclear power plants ▲development of high-pressure safety valves. To pioneer new markets, it is developing various new products such as Steam Traps, ultra-low temperature non-pressure safety valves for LNGC, and high-pressure safety valves for hydrogen.

In addition, to ensure high quality of safety valves, the company has obtained ▲ISO certification ▲international certification for high-pressure valves (ASME I.) ▲JSV-PF200 certification, enabling entry into various markets such as petrochemical, gas, power plants, and offshore plants.

Jogwang ILI not only signed a 2.2 billion KRW contract last year with GS Caltex for an olefin production facility (MFC) project but also produced and supplied the country's first 20-inch large safety valve to Doosan Heavy Industries in April. This safety valve is scheduled to be installed in Shin-Kori Unit 5 nuclear power plant, which is expected to be completed in March 2021, and additional supplies are planned for Shin-Kori Unit 6, scheduled for completion in March 2022.

A Jogwang ILI official stated, “We are currently building a smart factory to improve productivity and reduce defect rates, and in cooperation with the Ministry of SMEs and Startups, we plan to complete the first phase of the smart factory by the end of November 2020.” He added, “Through collaboration with Samsung Engineering, we will complete a non-face-to-face inspection system within this year and finalize a video-based inspection system by next year.” He further said, “We are promoting entry into the hydrogen energy sector, which is gaining attention due to the government's Green New Deal policy, and will expand the market across the entire green energy field in the future.”