Daehan Electric Wire, Operating Profit of 51.5 Billion KRW Last Year... Highest Performance in 11 Years

[Asia Economy Reporter Suyeon Woo] Daehan Electric Wire recorded its highest-ever performance in 11 years, achieving KRW 1,448.3 billion in sales and KRW 51.5 billion in operating profit last year.

On the 22nd, Daehan Electric Wire announced its provisional separate financial results for 2020 through a public disclosure. Sales increased by 3.8% year-on-year to KRW 1,448.3 billion, and operating profit nearly doubled, rising 99% to KRW 51.5 billion. Net profit also turned positive.

Industry analysts attribute the expansion of operating profit to the receipt and realization of high-margin orders mainly for ultra-high voltage cables. The operating profit margin also improved significantly from 1.9% in the previous year to 3.6%.

Daehan Electric Wire explained, "This is the result of continuously securing orders in overseas markets based on our technological capabilities," adding, "In the second half of 2019, we secured large-scale orders in Australia and the United States, and in 2020, we expanded our reach to European markets such as the UK, Denmark, and the Netherlands, increasing our order backlog."

They continued, "We will focus our capabilities not only on the highly competitive underground power grid business but also on renewable energy sectors such as offshore wind power and floating solar power, continuously expanding our performance."