AI Korea, a specialized company in advanced equipment and precision process automation, which is currently pursuing a merger with Korea SPAC No.14, is continuing its rapid growth by achieving record-breaking performance.
AI Korea announced on the 29th that its consolidated sales revenue up to the third quarter of this year reached 76 billion KRW, a 55% increase compared to the same period last year. Operating profit for the same period increased by 116% to 6.4 billion KRW, and net profit grew by 117% to 7.1 billion KRW.
With this, AI Korea recorded sales revenue in just three quarters this year that nearly matches last year's annual performance. Moreover, both operating profit and net profit have already surpassed last year's results. When the fourth quarter results are added, it is expected to significantly exceed last year's performance.
On a separate basis, AI Korea also recorded sales revenue of 74.7 billion KRW, a 52% increase compared to the same period last year, and operating profit of 5.5 billion KRW, growing 119% up to the third quarter this year. Net profit for the same period reached 5.6 billion KRW, showing approximately 134% growth compared to the previous year.
The company explained that the decisive factor behind AI Korea's record-breaking performance growth up to the third quarter was the large-scale order received in the North American market for the newly launched 'Process Piping (PP)' business division this year.
The Process Piping business is an infrastructure construction project responsible for EPC (Engineering, Procurement, and Construction) of piping essential for building secondary battery plants. Due to the ultra-large scale of secondary battery plants requiring vast amounts of piping, specialized plant layout design capabilities, piping arrangement design skills, and system construction and installation abilities are required.
An AI Korea representative stated, "We achieved significant performance growth by successfully securing a large-scale process piping project from a domestic global battery manufacturer this year. Along with already confirmed additional factory expansion plans, the Process Piping business has great growth potential as it can expand into various fields such as semiconductors and chemicals."
He added, "In particular, the Process Piping business has tremendous business synergy effects as it is linked with the 'Central Electrolyte Supply System (CESS),' which our company developed first in the world and holds the number one global market share. After system construction, continuous stable revenue generation is possible through separate maintenance contracts."
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