Mass Production of Beomsangeo... Exports Account for 23.6% of Sales
Haegung Expected to Be Exported to Malaysia, Bigung to the United States
LIG Nex1, a defense company specializing in guided weapons, announced on the 14th that its consolidated operating profit for last year was tentatively estimated at 230.8 billion KRW, a 23.8% increase compared to the previous year. Sales rose 42.0% year-on-year to 3.2771 trillion KRW. Net profit increased by 24.4% to 217.6 billion KRW.
This operating profit exceeded the market forecast of 217 billion KRW compiled by Yonhap Infomax by 6.4%. Operating profit in the fourth quarter of last year was 62.7 billion KRW, up 69.9% from the same period the previous year. Sales and net profit in the fourth quarter were 1.1686 trillion KRW and 70.7 billion KRW, increasing by 71.8% and 41.9%, respectively.
LIG Nex1 stated that it achieved favorable results thanks to increased mass production projects in areas such as guided weapons, command and control, and surveillance reconnaissance, including the anti-ship guided missile defense missile "Haegung," the medium torpedo-II "Beomsangeo," and the next-generation digital radio "TMMR." The export ratio in last year’s sales was 23.6%, up 8.1 percentage points from 15.5% the previous year.
LIG Nex1 is expanding its global presence, having signed an export contract for the mid-range surface-to-air guided weapon system "Cheongung-II" worth 3.7 trillion KRW with Iraq last year. Supported by increased exports, the order backlog as of the end of last year reached 20.1419 trillion KRW, a 9.5% (1.7515 trillion KRW) increase in just three months from 18.3904 trillion KRW at the end of the third quarter of last year.
Industry insiders expect that LIG Nex1 is highly likely to sign a sales contract for the fleet air defense missile Haegung with Malaysia this year, and there is also a high possibility of exporting the guided rocket Bigung to the United States, which passed its final test last year.
LIG Nex1 announced plans to accelerate the strengthening of its sustainable growth foundation this year, focusing on integrated air defense networks, unmanned-manned hybrid systems, and export expansion. It presented the realization of the "K-Air Defense Network" belt connecting North Africa, the Middle East, and Asia, the advancement of "unmanned-manned hybrid solutions" covering land, sea, and air, and "expansion of export countries" as three major future innovation directions. Additionally, it plans to enhance capabilities by carrying out integrated R&D projects covering both defense and civilian sectors at the newly opened R&D center last month, "LIG Nex1 2Pangyo House."
A representative of LIG Nex1 said, "We will strengthen sustainable growth engines through the expansion of future and new businesses and the development of overseas markets."
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