[Asia Economy Reporter Hyunseok Yoo] Keiyang Electric, a specialized manufacturer of power tools and automotive motors, announced on the 17th that it achieved sales of 210.9 billion KRW in the first half of 2021, setting a record high in the company's history.
Keiyang Electric recorded sales of 210.9 billion KRW and an operating profit of 5.7 billion KRW in the first half. Sales increased by 23.1% compared to the same period last year, and operating profit turned positive. By business division, the automotive electronics division posted sales of 134.3 billion KRW, and the power tools division recorded 78.8 billion KRW. These represent increases of 28.0% and 15.4%, respectively, compared to the previous year. Operating profit was 4.1 billion KRW for the automotive electronics division and 1.6 billion KRW for the power tools division, successfully turning profitable compared to the same period last year. Sales in the second quarter were 104.5 billion KRW, with an operating profit of 3.3 billion KRW.
A Keiyang Electric official stated, “Although external variables such as COVID-19 remain, sales in the automotive electronics division surged due to increased demand for vehicle convenience features. Electronic parking brake motors are now applied even in lower trim vehicles, and large SUVs have power seat motors applied not only to the driver’s seat but also to the second and third rows, expanding the application range and demand for automotive motors, which is expected to sustain market growth.”
He added, “The power tools division saw growth in both sales and profitability due to recovery in upstream industry investment and the launch of new cordless tool products. With enhanced product lineups and increased global competitiveness, we plan to further expand overseas sales in the power tools business.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
