Iljin Highsolus Q3 Sales 26.8 Billion KRW... 21.9% Decrease YoY

[Asia Economy Reporter Junhyung Lee] Iljin Hi-Solus, a hydrogen specialist company under Iljin Group, announced on the 15th that its sales in the third quarter of this year amounted to 26.8 billion KRW, a 21.9% decrease compared to the same period last year. Operating profit and net profit for the same period were recorded at 400 million KRW and 500 million KRW, respectively.

The hydrogen business division continued its growth trend. Iljin Hi-Solus's hydrogen business division sales in the first half of this year increased by 112% compared to the same period last year, reaching 40.7 billion KRW. Cumulative sales for the third quarter of this year amounted to 53.9 billion KRW, a 32.3% increase compared to the same period last year. The company explained that growth slowed due to a temporary decrease in hydrogen vehicle production by its main client, which also reduced supply volume. The main client’s hydrogen vehicle production normalized starting last month, and performance is expected to get back on track in the fourth quarter of this year.

A representative from Iljin Hi-Solus stated, “The third quarter performance showed a temporary decline due to external factors. However, with the normalization of hydrogen vehicle production and continued high demand for eco-friendly vehicles, we expect performance growth going forward.”