KIB Plug Energy Expected to Achieve Record Net Profit... Growth Trend to Continue

Last Year's Net Profit Reaches Largest Scale in 10 Years

KIB Plug Energy, a specialist company in heat exchangers and eco-friendly energy, announced on the 15th that strong performance is expected for last year. Thanks to the favorable environment in the electric and hydrogen ecosystem markets, the company is expected to continue its strong performance this year as well.

Since its founding in 1981, KIB Plug Energy has been a leading domestic manufacturer specializing in chemical engineering equipment with over 40 years of experience. The heat exchangers, which are the company's main products, are custom-designed according to client requirements and manufactured for delivery. The company has a track record of supplying to 53 countries worldwide, including Central Asia, Europe, and North America.

The company stated, "As of the end of last year, the order backlog is expected to reach approximately 150 billion KRW," and added, "Last year's sales are anticipated to grow by more than 30% compared to the previous year."

KIB Plug Energy aims to successfully promote new eco-friendly energy businesses with high growth potential based on its stable existing operations. In August last year, it entered the eco-friendly energy market by acquiring a 50% stake in Beomhan Motors, an electric and hydrogen vehicle company. The company plans to enter the government-supported electric city bus market and ultimately develop hydrogen buses.

A company representative said, "Last year's net profit is expected to reach the largest scale in 10 years," and added, "This year, stable oil prices, the opening of the hydrogen market, and large-scale plant orders are expected to sustain strong performance."

He continued, "We are reviewing equity investments in promising companies following Beomhan Motors to expand our scale and secure technological capabilities," emphasizing, "We will internalize various value chains, including key electric vehicle components such as batteries, and enhance our technological and price competitiveness."